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Can you summarize KYRS Chapter 58?
PUBLIC PROPERTY AND PUBLIC PRINTING > ACQUISITION AND DEVELOPMENT OF PUBLIC PROJECTS THROUGH REVENUE BONDS
Short Summary
This legal document, as per the Kentucky Revised Statutes, governs the power of governmental agencies to acquire, construct, maintain, add to, and improve public projects using revenue bonds. The governmental agency, either acting alone or in collaboration with other agencies, can undertake public projects located within or outside its territorial limits. To finance the cost of these projects, the agency can borrow money and issue negotiable revenue bonds. The head of a state government department or agency must file a written order, approved by the Governor, the Attorney General, and the secretary of the Finance and Administration Cabinet, specifying the proposed public project, the amount of bonds to be issued, and the maximum interest rate. Other governmental agencies can also borrow money and issue revenue bonds by passing an order, resolution, or ordinance that outlines the proposed public project, the amount of revenue bonds, and the maximum interest rate. It is important to note that all public projects undertaken must adhere to the provisions outlined in KRS 58.010 to 58.140. The document also governs the issuance of bonds for the acquisition and development of public projects. The bonds can bear interest at a rate determined by the governmental agency and have a maturity period of up to forty years. The document also allows for the redemption of bonds prior to maturity under certain conditions. Additionally, it authorizes governmental agencies to rent or lease public projects without the need for competitive bidding, provided it is determined to be in the best interest of the agency. The document further empowers governmental agencies to accept donations, gifts, appropriations, and grants for the public project, which can be pledged to finance the cost of the project through revenue bonds. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Governmental agencies, including state government departments or agencies, other governmental agencies, and public bodies
What does it govern?
The acquisition and development of public projects through revenue bonds
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
No penalties are mentioned in this document
Jurisdiction
Kentucky