Title IX, Counties, Cities, and Other Local Units

As used in KRS 65.942 to 65.956, unless the context otherwise requires: (1) "Acquire" means to purchase, install, equip, or improve personal property or real property pursuant to KRS 65.942 to 65.956. (2) "City" means any municipal corporation of any class incorporated in the Com…

- Sinking fund -- Time period for challenging validity of ordinance or resolution. (1) (a) The governing body of a governmental agency may approve by ordinance, order, or resolution and may execute, perform, and make payments under a lease with any person, to acquire or construct…

required -- Technical and advisory assistance on leases. (1) (a) In addition to the notification required by KRS 65.117, no county, except an urban-county, shall enter into a lease if the lease price exceeds five hundred thousand dollars ($500,000) without first receiving the app…

A lease for real property may have any term, including renewals, not to exceed forty (40) years. A lease for personal property may have any term, including renewals, not to exceed the useful life of the personal property financed, determined in accordance with generally accepted …

A governmental agency shall be considered the equitable owner of any personal or real property leased under KRS 65.940 to 65.956 where the property is used solely for public purposes, unless the governmental agency is vested with legal ownership pursuant to KRS 65.952. Personal o…

A lease or any interest therein entered into pursuant to KRS 65.940 to 65.956 shall be a legal and authorized investment for banks, savings banks, trust companies, building and loan associations, savings and loan associations, insurance companies, fiduciaries, and trustees.

A lease may provide that legal title to the real property or personal property subject to the lease may be vested in the governmental agency or in the person acting as lessor under the lease and may be transferred from one to the other under terms provided in the lease.

KRS 65.940 to 65.956 shall be authority for entering into leases and the performance of the other acts and procedures authorized by KRS 65.940 to 65.956, without reference to any other laws, or any restrictions or limitations contained therein, except as specifically provided in …

KRS 65.940 to 65.956 may be cited as the Governmental Leasing Act.

As used in this chapter, unless otherwise expressly provided: (1) "Bonds" means bonds, notes, commercial paper, and other instruments in writing, authorized by or issued pursuant to or in accordance with this chapter, to evidence an obligation to repay or guarantee the repayment …

(1) Bonds lawfully authorized and issued by an issuer, subject to applicable provisions for registration or of the proceedings of the issuance, are negotiable instruments. (2) Unless a judicial action or proceeding challenging the validity of bonds is commenced by personal servic…

(1) For purposes of this chapter, the principal amount of outstanding bonds includes: (a) The payment or reimbursement requirements of the issuer under credit enhancement facilities relating to the principal amount of outstanding bonds; (b) The unpaid principal portion of all lea…

(1) A city, urban-county, consolidated local government, or charter county shall not incur net indebtedness to an amount exceeding the following maximum percentages on the value of taxable property within the city, urban-county, consolidated local government, or charter county, a…

issuance of bonds. (1) It is the intent of this section to facilitate, through state technical and advisory assistance, the marketing of local government bonds and other long-term obligations at the lowest possible net interest costs. (2) The state local debt officer may provide …

(1) An issuer may issue bonds for the purpose of providing funds with which: (a) To fund floating indebtedness; (b) To fund the cost of providing a public service if the governing body determines that an emergency exists and the public health or safety so requires; (c) To fund un…

(1) An issuer may issue bonds for the purpose of paying all or any portion of the costs of any public project that the issuer is authorized, alone or in cooperation with other persons, to acquire, improve, or construct. (2) Costs of public projects that may be financed with, and …

(1) Capitalized interest may be included in the principal amount of bonds to pay the interest that the issuer estimates will become due and payable on the bonds prior to the receipt of sufficient taxes, special assessments, or other revenues or receipts from which the interest is…

(1) At any time while the bonds are outstanding, an issuer shall maintain a sinking fund which shall be pledged for the retirement of all of the issuer's outstanding bonds, and tax-supported leases. The issuer shall deposit moneys in the sinking fund at times and in amounts so ad…

Bonds shall have a maximum maturity not exceeding forty (40) years, except as follows: (1) Bonds issued to fund a floating indebtedness, five (5) years; (2) Bonds issued to pay for the costs of a public project, the life or period of usefulness of the public project as estimated …

(1) A city or county by ordinance and a taxing district by resolution shall enact debt provisions which: (a) Declare the necessity of the bond issue; (b) State the principal amount or maximum principal amount of the bonds to be issued; (c) State the purpose of the bond issue; (d)…

(1) After the issuance of bonds, the issuer shall levy a tax in a sufficient amount and appropriate in its annual budget, together with any other moneys available to the issuer, an amount of funds sufficient to pay the debt charges on the bonds. (2) If the issuer determines it to…

(1) Bonds issued by an issuer shall bear interest at a rate or rates as provided for in the legislation authorizing the bonds. Interest payable on the bonds may be determined at a variable rate or rates, which may change from time to time in accordance with a base, formula, or st…

(1) Bonds shall be signed on behalf of the issuer as follows: (a) In the case of a city, urban-county, consolidated local government, or charter county, by the chief executive officer and attested by the clerk of the governmental body, or by the other officers as are designated t…

Except for bonds which are also notes, bonds shall be sold by advertised competitive bid. Notes may be sold by competitive bid or at private negotiated sale in a manner determined or authorized by the issuer. Bonds may be sold at a price equal to a percent of their principal amou…

Proceeds from the sale of bonds shall be deposited and credited as provided in the legislation authorizing the bonds, in the proceedings approved by that legislation, or in instructions given by an officer authorized to designate the allocation of proceeds.

(1) Upon the determination of the governing body that the issuance will be in the issuer's best interest, the issuer may: (a) Issue bonds to fund or refund any outstanding bonds or obligations previously issued. Any bonds issued pursuant to this subsection shall mature as determi…

exchanges. (1) An issuer shall keep or cause to be kept a register for the purpose of effecting the exchange, transfer, and payment of fully-registered bonds, which shall show the date, series, denomination, and owner of the fully-registered bonds and, if applicable, the number a…

(1) An issuer may register any coupon bond registrable as to principal upon the request of the owner or holder. Thereafter, no transfer shall be valid unless the transfer is entered on the records of the issuer and similarly noted on the bond, and the bond may be discharged from …

(1) As used in this section, supplementing the definitions of the terms contained in KRS 66.011, "issuer" also includes any person issuing fractionalized interests in bonds and any instrumentality of an issuer and "bonds" also includes obligations. (2) (a) An issuer, at any time …

(1) No county may issue bonds which, together with all other net indebtedness of the county plus the principal amount of any outstanding self-supporting obligations, is in excess of one-half of one percent (0.5%) of the value of the taxable property therein, as determined by the …

situation. Any county, upon petition of its fiscal court, is entitled as a matter of right to the assistance of the state local debt officer in formulating a plan for reorganizing its debt structure. When any county is in default on the principal or interest of any indebtedness, …

of fund. (1) A county may, by order of its fiscal court, surrender to the state local debt officer, Department for Local Government, all money in hand, notes, bonds, accounts, or other credits representing assets available, and any other sums which may hereafter become available …

officer and state local finance officer required for county -- Municipality may not file if delinquent in contributions to retirement system -- Liens on bonds or leases -- Public property exempt from seizure -- Judgments against local government -- Exceptions. (Effective April 1,…

Whenever authorized by ordinance or resolution by its legislative authority, any political subdivision of the state shall have power to purchase supplies, materials or equipment from or through the United States government without calling for bids, notwithstanding any law or char…

Duties of state local debt officer -- Investment pool -- Rating agency. (1) The governing body of a city, county, urban-county, charter county, school district (provided that its general procedure for action is approved by the Kentucky Board of Education), or other local governme…

license fees). A county which imposes license fees for revenue for purposes other than or in addition to common schools pursuant to KRS 68.180 may, by resolution of the fiscal court, have created in the county the body corporate and politic authorized by KRS 66.510 to 66.543. Tha…

(1) The board shall consist of five (5) residents of the county who are thirty-five (35) years old or older and have gained excellent repute in the financial community. The board's members (hereafter called trustees) shall have four (4) year terms except as stated in subsection (…

The board may exercise all the powers granted to governmental agencies by KRS 58.010 to 58.140. The board may exercise all the powers granted to a county building commission by KRS 67.450 to 67.555. Furthermore, the board may use the procedures and powers of each of those sets of…

than 300,000 for. (1) Jails, parks, office space for officers mentioned in the Constitution, roads, sanitation, and land reclamation, conservation, and drainage are matters of statewide concern. In any county with a population in excess of 300,000 inhabitants, eighty percent (80%…

Annual report of board. (1) The board shall prepare a public improvements financing plan which shall become the basis of all its operations including its requests to the fiscal court for appropriations for improvements and facilities described in KRS 66.520. In preparing the plan…

Negotiability. (1) The board may incur indebtedness, buy, lease, rent, sell, operate, manage, accept gifts and grants, and do anything else necessary or proper to obtain for the county in accordance with the board's plan the public improvements described therein. To secure its ob…

Limitations -- Effect of bonds. Subject to the will of any General Assembly and Sections 176 and 177 of the Constitution, the fiscal court of a county levying the full percentage of the occupational license fee authorized for nonschool purposes by KRS 68.180 may pledge no more th…

The provisions of KRS 66.310 shall apply neither to fiscal court appropriations made to the board under KRS 66.520 nor to the board's budget or operations.

(1) The fiscal court of a county having a board may annually appropriate to the board funds for the board's administrative expenses; such an appropriation shall be distinct from appropriations to the board in accordance with its plan. (2) Subject to funds made available under sub…

use of employees. The board and the commissioners of any sinking fund of any city of the first class within the county may make an agreement under KRS 65.210 to 65.300 or KRS 79.110 to 79.180 for the main purpose of having the employees of that sinking fund perform functions rela…

Authorized investments for the board's funds shall be general obligations of the United States and its agencies and obligations of the Commonwealth of Kentucky and its agencies and authorities exclusive of local units of government. Nevertheless, the board may invest in obligatio…