45.763 Requirement for General Assembly authorization before state agencies, institutions of higher education, or affiliated corporations enter into certain real property agreements.
<br><br>45.763 Requirement for General Assembly authorization before state agencies, <br>institutions of higher education, or affiliated corporations enter into certain <br>real property agreements. <br>(1) Notwithstanding any statutory provisions to the contrary, any state agency as <br>defined in KRS 7A.010, institution of higher education defined as an institution in <br>KRS 164A.550, or affiliated corporation as defined in KRS 164A.550, shall obtain <br>authorization from the General Assembly prior to entering into an agreement <br>identified in subsection (2) of this section. The General Assembly authorization <br>shall occur only when the General Assembly enacts legislation specifically <br>authorizing the agreement. <br>(2) General Assembly authorization shall be required for an agreement for the use, <br>purchase, or acceptance of real property of any value, or equipment with a value in <br>excess of four hundred thousand dollars ($400,000), if: <br>(a) The agreement provides that the state, a state agency, institution of higher <br>education, or affiliated corporation will become the owner of the real property <br>or equipment at any time; and <br>(b) All or any portion of the purchase price of the real property or equipment is <br>funded through the issuance of a financial instrument which requires payment <br>of principal and interest over time, including, but not limited to, notes, bonds, <br>securities, and certificates of participation, regardless of the identity of the <br>issuer. <br>Effective: July 15, 1998 <br>History: Created 1998 Ky. Acts ch. 423, sec. 1, effective July 15, 1998. <br><br>