45.763 Requirement for General Assembly authorization before state agencies, institutions of higher education, or affiliated corporations enter into certain real property agreements. - Kentucky Statutes

Download pdf

Loading PDF...

45.763 Requirement for General Assembly authorization before state agencies, institutions of higher education, or affiliated corporations enter into certain
real property agreements. (1) Notwithstanding any statutory provisions to the contrary, any state agency as defined in KRS 7A.010, institution of higher education defined as an institution in
KRS 164A.550, or affiliated corporation as defined in KRS 164A.550, shall obtain
authorization from the General Assembly prior to entering into an agreement
identified in subsection (2) of this section. The General Assembly authorization
shall occur only when the General Assembly enacts legislation specifically
authorizing the agreement. (2) General Assembly authorization shall be required for an agreement for the use, purchase, or acceptance of real property of any value, or equipment with a value in
excess of four hundred thousand dollars ($400,000), if:
(a) The agreement provides that the state, a state agency, institution of higher education, or affiliated corporation will become the owner of the real property
or equipment at any time; and (b) All or any portion of the purchase price of the real property or equipment is funded through the issuance of a financial instrument which requires payment
of principal and interest over time, including, but not limited to, notes, bonds,
securities, and certificates of participation, regardless of the identity of the
issuer. Effective: July 15, 1998
History: Created 1998 Ky. Acts ch. 423, sec. 1, effective July 15, 1998.