26A.162 Determination of use allowance -- Presumption of twenty year bond issue -- Standards for longer term of issue -- Legislative oversight. - Kentucky Statutes

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Page 1 of 1 26A.162 Determination of use allowance -- Presumption of twenty year bond issue - - Standards for longer term of issue -- Legislative oversight. (1) The use allowance in the judicial branch budget recommendation submitted under KRS 48.100 shall be determined as if bonds will be issued for a term of twenty (20)
years at the prevailing market rate, computed from the estimated date that the Court
of Justice will occupy the facility. If the market rate for the bonds has increased
when the bonds are to be sold, the director of the Administrative Office of the
Courts may approve an extension in the bond term, up to a total of twenty-five (25)
years, but only as necessary to keep the annual use allowance within the budgeted
amount. All bonds issued by any local unit of government for court facilities
projects shall be limited to the term approved by the Administrative Office of the
Courts. (2) Before approving any bond issue for a term exceeding twenty-five (25) years, the director of the Administrative Office of the Courts shall submit a proposal for the
extended term to the Interim Joint Committee on Appropriations and Revenue and
the Capital Projects and Bond Oversight Committee. The proposal shall include a
statement of the necessity for the extended bond term and the impact of the
extended term on the project's budgeted scope and authorized annual use allowance. (3) Within thirty (30) days after receiving a proposal to extend a bond term beyond twenty-five (25) years, the Interim Joint Committee on Appropriations and Revenue
and the Capital Projects and Bond Oversight Committee shall either approve or
disapprove the proposal and shall then promptly notify the director of the
Administrative Office of the Courts. If either committee disapproves the proposal,
the director of the Administrative Office of the Courts shall take one (1) of the
following actions and shall notify the committee of its decision in writing within
thirty (30) days:
(a) Disapprove and take no further action on the proposal;
(b) Revise the proposal to comply with the committee's objections; or
(c) Determine to approve and proceed with the proposal over the committee's objection. Effective: July 14, 2000
History: Created 2000 Ky. Acts ch. 496, sec. 3, effective July 14, 2000.