{"data":{"id":"us-ky/krs-56.861","jurisdiction":"us-ky","citation":"KRS 56.861","heading":"Kentucky Asset/Liability Commission -- Membership -- Status as public","body":"corporation -- Selection of certain advisors -- Issuance of notes.\n(1) There is recognized as an independent agency of the state within the meaning of\nKRS Chapter 12, and as a consti tuted authority of the Commonwealth of Kentucky,\na state and a sovereign entity within the meaning of regulations of the United States\nDepartment of Treasury, Internal Revenue Service, a Kentucky Asset/Liability\nCommission composed of the secretary of the Finance and Administration Cabinet,\nwho shall be chair; the Attorney General; the State Treasurer; the executive director\nof the Office of the Controller; and the state budget director, or their alternates as\nauthorized in KRS 56.865. The vice chair shall be elected from among the\nmembership.\n(2) Any three (3) members of the commission, or their alternates, shall constitute a\nquorum and shall by a majority vote be authorized to transact any and all business\nof the commission.\n(3) No member shall receive any  salary, fee, or other remuneration for services as a\nmember of the commission, but each shall be entitled to reimbursement for ordinary\ntraveling expenses, including meals and lodging, incurred in the performance of the\nmember's duties.\n(4) The commission shall constitute a public body corporate with perpetual succession\nand power in name to contract and be contracted with, sue and be sued, adopt\nbylaws not inconsistent with KRS 56.860 to 56.869, have and use a corporate seal,\nand exercise all of the power s granted private corporations generally in KRS\nChapter 271B, except as the same may be inconsistent with KRS 56.860 to 56.869.\n(5) The selection of bond counsel, senior managing underwriter, or financial advisor to\nthe commission shall be subject to the provisions of KRS 45A.840 to 45A.879.\n(6) Notes issued pursuant to KRS 56.860 to 56.869 may be sold on a competitive or\nnegotiated sale basis.","path":["KRS Chapter 56"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22734","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:12Z","sha256":"d7099d893df8f28c22836049537f4e317f6667b52261c9c4d11f6d34d5fdd317","source_id":"us-ky","stale":false,"prev":"us-ky/krs-56.8605","next":"us-ky/krs-56.862"},"notice":"GroundRules: Original legal text. Not legal advice."}