State Codes and Statutes

Statutes > Kentucky > 058-00 > 605

Download pdf
Loading PDF...


Page 1 of 2 58.605 Energy conservation revenue bonds for energy conservation measures -- Procedure. (1) Subject to the reporting and approval requirements in KRS 45A.352, 45A.353, and 58.610, any local public agency may issue energy conservation revenue bonds to <br>pay for the cost of energy conservation measures under guaranteed energy savings <br>contracts for the purpose of reducing the cost of energy to buildings owned or <br>operated by the local public agency by making energy-saving improvements to these <br>buildings. (2) A local public agency, or an agency acting on its behalf, may issue energy conservation revenue bonds to finance the energy conservation measures under <br>guaranteed energy savings contracts, with the following limitations: <br>(a) Any energy conservation measure, financed through bonds, shall comply with the provisions set forth in KRS 45A.345, 45A.352, and 45A.353; (b) The term of the bonds shall run coterminous with the term of guaranteed energy savings contract; (c) A local public agency shall not enter into a guaranteed energy savings contract where the total cost of the energy conservation measures exceeds the cost of <br>the energy savings plus the operational costs plus the capital cost avoidance <br>that is estimated for the term of the guaranteed energy savings contract <br>commencing from the date of the energy conservation measure's installation; <br>and (d) The use of capital cost avoidance shall be subject to the following restrictions: 1. The amount expended shall not exceed fifty percent (50%) of the project <br>cost; and 2. Capital cost avoidance shall be restricted to payment for permanent <br>equipment replacement as follows: <br>a. Storm windows or doors, multiglazed windows or doors, <br>additional glazing, and reduction in glass area; b. Replacement of heating, ventilating, or air conditioning major <br>components or systems; c. New lighting fixtures where required to achieve Illuminating <br>Engineering Society of North America (IES) standards, provided <br>the existing light fixtures shall have been determined to be <br>obsolete and incapable of achieving IES standards; and d. Life safety system replacements or upgrades which shall have been <br>determined to be necessary to conform with existing state and local <br>codes and standards. (3) Energy conservation revenue bonds shall be issued in accordance with the provisions of KRS 58.010 to 58.140 and shall be sold at a competitive sale preceded <br>by adequate public notice and shall bear interest at an interest rate or rates <br>determined by the local public agency at the time of the sale. Effective: July 15, 1998 Page 2 of 2 History: Amended 1998 Ky. Acts ch. 120, sec. 31, effective July 15, 1998; and ch. 375, sec. 7, effective July 15, 1998. -- Created 1996 Ky. Acts ch. 213, sec. 2, effective <br>July 15, 1996. Legislative Research Commission Note (7/15/98). This section was amended by 1998 Ky. Acts chs. 120 and 375 which do not appear to be in conflict and have been <br>codified together.

State Codes and Statutes

Statutes > Kentucky > 058-00 > 605

Download pdf
Loading PDF...


Page 1 of 2 58.605 Energy conservation revenue bonds for energy conservation measures -- Procedure. (1) Subject to the reporting and approval requirements in KRS 45A.352, 45A.353, and 58.610, any local public agency may issue energy conservation revenue bonds to <br>pay for the cost of energy conservation measures under guaranteed energy savings <br>contracts for the purpose of reducing the cost of energy to buildings owned or <br>operated by the local public agency by making energy-saving improvements to these <br>buildings. (2) A local public agency, or an agency acting on its behalf, may issue energy conservation revenue bonds to finance the energy conservation measures under <br>guaranteed energy savings contracts, with the following limitations: <br>(a) Any energy conservation measure, financed through bonds, shall comply with the provisions set forth in KRS 45A.345, 45A.352, and 45A.353; (b) The term of the bonds shall run coterminous with the term of guaranteed energy savings contract; (c) A local public agency shall not enter into a guaranteed energy savings contract where the total cost of the energy conservation measures exceeds the cost of <br>the energy savings plus the operational costs plus the capital cost avoidance <br>that is estimated for the term of the guaranteed energy savings contract <br>commencing from the date of the energy conservation measure's installation; <br>and (d) The use of capital cost avoidance shall be subject to the following restrictions: 1. The amount expended shall not exceed fifty percent (50%) of the project <br>cost; and 2. Capital cost avoidance shall be restricted to payment for permanent <br>equipment replacement as follows: <br>a. Storm windows or doors, multiglazed windows or doors, <br>additional glazing, and reduction in glass area; b. Replacement of heating, ventilating, or air conditioning major <br>components or systems; c. New lighting fixtures where required to achieve Illuminating <br>Engineering Society of North America (IES) standards, provided <br>the existing light fixtures shall have been determined to be <br>obsolete and incapable of achieving IES standards; and d. Life safety system replacements or upgrades which shall have been <br>determined to be necessary to conform with existing state and local <br>codes and standards. (3) Energy conservation revenue bonds shall be issued in accordance with the provisions of KRS 58.010 to 58.140 and shall be sold at a competitive sale preceded <br>by adequate public notice and shall bear interest at an interest rate or rates <br>determined by the local public agency at the time of the sale. Effective: July 15, 1998 Page 2 of 2 History: Amended 1998 Ky. Acts ch. 120, sec. 31, effective July 15, 1998; and ch. 375, sec. 7, effective July 15, 1998. -- Created 1996 Ky. Acts ch. 213, sec. 2, effective <br>July 15, 1996. Legislative Research Commission Note (7/15/98). This section was amended by 1998 Ky. Acts chs. 120 and 375 which do not appear to be in conflict and have been <br>codified together.

State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 058-00 > 605

Download pdf
Loading PDF...


Page 1 of 2 58.605 Energy conservation revenue bonds for energy conservation measures -- Procedure. (1) Subject to the reporting and approval requirements in KRS 45A.352, 45A.353, and 58.610, any local public agency may issue energy conservation revenue bonds to <br>pay for the cost of energy conservation measures under guaranteed energy savings <br>contracts for the purpose of reducing the cost of energy to buildings owned or <br>operated by the local public agency by making energy-saving improvements to these <br>buildings. (2) A local public agency, or an agency acting on its behalf, may issue energy conservation revenue bonds to finance the energy conservation measures under <br>guaranteed energy savings contracts, with the following limitations: <br>(a) Any energy conservation measure, financed through bonds, shall comply with the provisions set forth in KRS 45A.345, 45A.352, and 45A.353; (b) The term of the bonds shall run coterminous with the term of guaranteed energy savings contract; (c) A local public agency shall not enter into a guaranteed energy savings contract where the total cost of the energy conservation measures exceeds the cost of <br>the energy savings plus the operational costs plus the capital cost avoidance <br>that is estimated for the term of the guaranteed energy savings contract <br>commencing from the date of the energy conservation measure's installation; <br>and (d) The use of capital cost avoidance shall be subject to the following restrictions: 1. The amount expended shall not exceed fifty percent (50%) of the project <br>cost; and 2. Capital cost avoidance shall be restricted to payment for permanent <br>equipment replacement as follows: <br>a. Storm windows or doors, multiglazed windows or doors, <br>additional glazing, and reduction in glass area; b. Replacement of heating, ventilating, or air conditioning major <br>components or systems; c. New lighting fixtures where required to achieve Illuminating <br>Engineering Society of North America (IES) standards, provided <br>the existing light fixtures shall have been determined to be <br>obsolete and incapable of achieving IES standards; and d. Life safety system replacements or upgrades which shall have been <br>determined to be necessary to conform with existing state and local <br>codes and standards. (3) Energy conservation revenue bonds shall be issued in accordance with the provisions of KRS 58.010 to 58.140 and shall be sold at a competitive sale preceded <br>by adequate public notice and shall bear interest at an interest rate or rates <br>determined by the local public agency at the time of the sale. Effective: July 15, 1998 Page 2 of 2 History: Amended 1998 Ky. Acts ch. 120, sec. 31, effective July 15, 1998; and ch. 375, sec. 7, effective July 15, 1998. -- Created 1996 Ky. Acts ch. 213, sec. 2, effective <br>July 15, 1996. Legislative Research Commission Note (7/15/98). This section was amended by 1998 Ky. Acts chs. 120 and 375 which do not appear to be in conflict and have been <br>codified together.