109 KAR 7:010.

Local government bonds, obligations; marketing assistance.

 

      RELATES TO: KRS

Chapter 66

      STATUTORY

AUTHORITY: KRS Chapters 42, 66

      NECESSITY,

FUNCTION, AND CONFORMITY: KRS Chapter 66.045 requires the state-local finance

officer 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 rate and to require such reports from local

governments as will enable him adequately to provide technical and advisory

assistance and maintain the necessary information for a complete file on local

government debt.

 

      Section 1. (1)

Prior to delivery of any bonds, the issuer, fiscal agent, or bond attorney

shall give notification to the state-local finance officer in accordance with

KRS 66.045 of all bonds to be issued by or on behalf of any local government,

except those bond issues specified in Section 2 of this administrative

regulation.

      (2) Such

notification shall include:

      (a) The official

statement of the terms and conditions of the issue offered for sale.

      (b) A certified

copy of the resolution of the governing body of the issuing agency which

recites the bids received and accepts the successful bid.

      (c) The

following information, if not contained in the documents specified in

paragraphs (a) and (b) of this subsection or if either of those documents are

not available:

      1. Maturity

schedule.

      2. Tabulation of

all bids received indicating successful bidder.

      3. Date of

issue.

      4. Purpose.

      5. Paying agent

or agents.

      6. Name of

successful bidder.

 

      Section 2. The

state-local finance officer need not be given notification of the following

bond issues:

      (1) All bond

issues:

      (a) By school

districts; or

      (b) On behalf of

school districts such as, for example, school revenue bonds issued by counties

or cities acting on behalf of school districts.

      (2) All bond

issues of the following state agencies:

      (a) State

Property and Buildings Commission;

      (b) State

universities and colleges;

      (c) Kentucky

Turnpike Authority. (Recodified from 200 KAR 10:030, 7-5-78.)