103.210 Issuance of bonds. - Kentucky Statutes

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103.210 Issuance of bonds. (1) In order to promote the economic development of the Commonwealth, promote reconversion to peacetime economy, to relieve conditions of unemployment, to aid
in the rehabilitation of returning veterans, to encourage the increase of industry in
this state, and to aid in the retention of existing industry through the control of
pollution or through conversion of energy facilities to more readily available fuels,
any city or county may borrow money and issue negotiable bonds for the purpose of
defraying the cost of acquiring any industrial building or pollution control facility,
either by purchase or construction, but only after an ordinance or resolution has
been adopted by the legislative body of the city or the fiscal court of the county, or
the governing body of Kentucky Economic Development Finance Authority, if
requested by the legislative body of the city or the fiscal court of the county, as the
case may be, specifying the proposed undertaking, the maximum amount of bonds
to be outstanding at any one (1) time, and the maximum rate of interest the bonds
are to bear. This section shall not be deemed to require, however, that such
ordinance or resolution be adopted prior to interim financing of the project, if such
interim financing was undertaken by the proposed lessee corporation upon the basis
of discussions between the corporation and responsible officials of the issuer which
were later formally ratified by the appropriate governing body of the issuer. The
ordinance or resolution shall further provide that the industrial building or the
pollution control facility is to be acquired pursuant to the provisions of KRS
103.200 to 103.285. Each such bond-authorizing ordinance or resolution shall be
effective only after publication, in a newspaper authorized to publish official
advertisements for the issuer, of the title to said ordinance or resolution, together
with a statement signed by the clerk of the issuer setting forth the maximum amount
of bonds to be outstanding at any one (1) time, the name of the lessee corporation,
and the fact that the bonds are to be retired from the proceeds of either the lease
payments as set forth in KRS 103.200 to 103.285, inclusive, or the loan payments or
sale payments in the event the industrial building financing transaction is carried out
pursuant to a loan agreement, sale agreement, or other tax incentive agreement. No
publication of the complete ordinance or resolution shall be required, but said
ordinance or resolution shall be entered upon the records of the issuer and shall be
available for public inspection. Any industrial buildings financed by bonds pursuant
to KRS 103.200 to 103.285 and leased in connection with the bond financing from
a tax-exempt governmental unit, or tax-exempt statutory authority, shall require the
prior approval by the Kentucky Economic Development Finance Authority of the
reduced ad valorem tax for industrial buildings under KRS 132.020, the standards
for which the Kentucky Economic Development Finance Authority shall establish
through its operating procedures or by the promulgation of administrative
regulations in accordance with KRS Chapter 13A. The authority shall consider,
along with other indicators, when establishing standards, the number of jobs to be
created, the amount of capital to be invested, and the wages and benefits to be paid. (2) Kentucky Economic Development Finance Authority, any air board established pursuant to KRS 183.132, and any riverport authority established as provided in
KRS 65.510 to 65.650, inclusive, shall have and possess all power and authority granted to cities and counties by the provisions of KRS 103.200 to 103.285,
excluding condemnation powers under KRS 103.245, for the financing of industrial
buildings. For such purposes, the terms "city," "county," and "issuer" as used in
KRS 103.200 to 103.285, inclusive, shall also mean and refer to Kentucky
Economic Development Finance Authority, any air board established pursuant to
KRS 183.132, and any riverport authority established as provided in KRS 65.510 to
65.650. The power and authority granted to Kentucky Economic Development
Finance Authority, any air board, and any riverport authority shall be and constitute
an additional and alternative grant of power and authority to such governmental
agencies, and shall not be construed as being in derogation of any other powers
vested in each of such governmental agencies. Effective: July 15, 2002
History: Amended 2002 Ky. Acts ch. 338, sec. 16, effective July 15, 2002. -- Amended 1992 Ky. Acts ch. 105, sec. 67, effective July 14, 1992. -- Amended 1984 Ky. Acts
ch. 122, sec. 2, effective July 13, 1984. -- Amended 1980 Ky. Acts ch. 339, sec. 2,
effective July 15, 1980. -- Amended 1978 Ky. Acts ch. 95, sec. 2, effective June 17,
1978. -- Amended 1976 Ky. Acts ch. 214, sec. 2. -- Amended 1970 Ky. Acts ch. 64,
sec. 2. -- Amended 1962 Ky. Acts ch. 268, sec. 2. -- Created 1946 Ky. Acts ch. 58,
sec. 2.