{"data":{"id":"us-ky/krs-56.515","jurisdiction":"us-ky","citation":"KRS 56.515","heading":"Leaseback agreement for fairgrounds improvements.","body":"(1) When the cabinet finds that the purposes of the State Fair Board and the public\npurposes of the Commonwealth would be promoted by the construction of buildings\nand improvements on land in the custody of the State Fair Board as defined in KRS\n247.140(1)(a), it may, in addition to any other method prescribed by law, authorize\nthe construction of such buildings and improvements by private capital under a\nconveyance and leaseback agreement authorized by subsection (2) of this section, or\nunder a mortgage agreement authorized by subsection (3) of this section.\n(2) The cabinet may convey the fee interest in any of the land described in subsection\n(1) of this section to a private individual, corporation, or partnership to which such\nland has been or will be leased,  subject to a written agreement by such individual,\ncorporation, or partnership to construct such buildings and improvements and to\nreconvey the fee interest to the Commonwealth subject to a mortgage placed on the\nfee interest by such individual, corporati on, or partnership for the purpose of\nsecuring private financing for the construction of such buildings and improvements;\nprovided, however, that such mortgage shall not constitute a general obligation or\ndebt of the Commonwealth and that the Commonwealth may, in the event of\ndefault, redeem the mortgage if it so elects.\n(3) The cabinet may agree that a private individual, corporation, or partnership to which\nany of the land described in subsection (1) of this section has been leased may, in\norder to secure  private financing for the construction of such buildings and\nimprovements, have the right to grant against its leasehold interest a first mortgage\nlien in an amount sufficient to pay fully the costs of the construction of such\nbuildings and improvements, to which all rights of the Commonwealth shall be\nsubordinate and inferior; provided, however, that such first mortgage lien shall not\nconstitute a general debt or obligation of the Commonwealth.\n(4) Any agreement made under this section shall be made only with the written consent\nof the State Fair Board and the State Property and Buildings Commission and shall\nbe signed in the name of the Commonwealth by the secretary of the Finance and\nAdministration Cabinet and the Governor and shall be lodged for record in the\nOffice of the Secretary of State.","path":["KRS Chapter 56"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22653","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:11Z","sha256":"a360eff364650226c721f00528ca00ce6769e61e575e8170162967ffcffb75a4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-56.514","next":"us-ky/krs-56.520"},"notice":"GroundRules: Original legal text. Not legal advice."}