200 KAR 21:040.
Selection of national comanaging underwriters.
RELATES TO: KRS
AUTHORITY: KRS 45A.850(4), 45A.879
FUNCTION, AND CONFORMITY: KRS 45A.850(4) provides that national comanaging
underwriters for bond issues of state bond issuing agencies shall be selected
pursuant to an administrative regulation promulgated by the Office of Financial
Management and Economic Analysis. This administrative regulation establishes
the procedure for selecting national comanaging underwriters for bond issues of
state bond issuing agencies.
Definition. For purposes of this administrative regulation the term
"national comanaging underwriter" shall mean a financial institution
whose headquarters are located outside the Commonwealth of Kentucky, which has
offices in multiple states, and which assists in the structuring, underwriting
and marketing of bonds issued by governmental agencies.
Selection of National Comanaging Underwriters. (1) National comanaging underwriters
for bond issuances of state bond issuing agencies, as defined in KRS
45A.840(3), shall be selected pursuant to the request for proposal process
established by KRS 45A.853 and 45A.857 for the same bond issuing agency or bond
project for which the request for proposals was issued for underwriters.
(2) After an
underwriter has been selected for a bond issuing agency or bond project, a
national comanaging underwriter may be selected based on the rankings of the
selection committee. The national comanaging underwriter, if any, shall be the
highest ranked firm, other than the underwriter selected, which has a municipal
bonds sales office located in the Commonwealth.
(3) If the
Executive Director of the Office of Financial Management and Economic Analysis recommends,
pursuant to KRS 45A.850(4), that more than one (1) national comanaging
underwriter should be utilized on a bond issuance, any additional national
comanaging underwriters shall be selected in the order of the ranking as
determined by the selection committee for the respective bond issuing agency or
bond project. (21 Ky.R. 1990; eff. 3-22-95.)