45A.850 Selection of underwriter and bond counsel for various agencies -- Comanaging underwriters.

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Page 1 of 2 45A.850 Selection of underwriter and bond counsel for various agencies -- Comanaging underwriters. (1) (a) Pursuant to KRS 45A.853 and 45A.857, one (1) or more underwriters and one (1) or more bond counsel firms shall be chosen for each of the following agencies: 1. Turnpike Authority of Kentucky; 2. Kentucky Housing Corporation; 3. Kentucky Infrastructure Authority; 4. Kentucky Higher Education Student Loan Corporation; 5. Kentucky River Authority; 6. Kentucky Agricultural Finance Corporation; 7. Kentucky Local Correctional Facilities Construction Authority; and 8. State Property and Buildings Commission. (b) The underwriter and the bond counsel chosen for each agency shall provide their services for all bond issuances over a period of twelve (12) months from their selection. At the conclusion of the twelve (12) month period, the executive director may continue the employment of the underwriter or the bond counsel, on the same terms and conditions, for another twelve (12) month period. If the employment is not continued, the choosing of an underwriter or bond counsel, as appropriate, shall be conducted pursuant to KRS 45A.853 and 45A.857. (2) (a) Pursuant to KRS 45A.853 and 45A.857, one (1) or more underwriters and one (1) or more bond counsel firms shall be chosen to provide their services for all of the following agencies: 1. School Facilities Construction Commission; 2. Murray State University; 3. Western Kentucky University; 4. University of Louisville when it declines to exercise the authority granted under KRS 164A.585(1) and 164A.605; 5. Northern Kentucky University; 6. Kentucky State University; 7. University of Kentucky when it declines to exercise the authority granted under KRS 164A.585(1) and 164A.605; 8. Morehead State University; 9. Eastern Kentucky University; and 10. Kentucky Community and Technical College System. (b) The underwriter and the bond counsel chosen for all of the agencies shall provide their services for all bond issuances of the agencies for a period of twelve (12) months from the underwriter's and the bond counsel's selection. At the conclusion of the twelve (12) month period, the executive director may Page 2 of 2 continue the employment of the underwriter or the bond counsel, on the same terms and conditions, for another twelve (12) month period. If the employment is not continued, the choosing of an underwriter or bond counsel, as appropriate, shall be conducted pursuant to KRS 45A.853 and 45A.857. (3) Pursuant to KRS 45A.853 and 45A.857, one (1) or more financial advisors, managing underwriters, and remarketing agents and one (1) bond counsel shall be chosen for the Kentucky Asset/Liability Commission. The commission shall enter into agreements with the individuals or entities for a maximum contract period of twenty-four (24) months. At the conclusion of the contract period, the executive director may continue the employment of the financial advisor, underwriter, remarketing agent, or bond counsel for another contract period, not to exceed twenty-four (24) months. If the employment is not continued or terminated, the selection of a financial advisor, underwriter, remarketing agent, or bond counsel, as appropriate, shall be conducted pursuant to KRS 45A.853 and 45A.857. (4) The office may select national comanaging underwriters and Kentucky comanaging underwriters who shall provide national and local marketing expertise for bond issuances. The executive director shall recommend to the secretary of the Finance and Administration Cabinet the number of national and Kentucky comanaging underwriters, if any, to be utilized on each bond issuance. The executive director shall consider the following issues when making the recommendations: (a) Principal amount of bonds being issued; (b) Structure of the bond issue; and (c) Composition of expected buyers of the bonds. Kentucky comanaging underwriters shall be selected pursuant to a request for proposals. National comanaging underwriters shall be selected pursuant to an administrative regulation promulgated by the office. Comanaging underwriters selected pursuant to this subsection shall provide their services to a bond issuing agency as needed over the appropriate period of time stated in this section. Effective: July 15, 1998 History: Amended 1998 Ky. Acts ch. 92, sec. 2, effective July 15, 1998. -- Amended 1997 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 35, effective May 30, 1997; and ch. 4, sec. 13, effective May 30, 1997. -- Amended 1996 Ky. Acts ch. 139, sec. 2, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 409, sec. 4, effective July 15, 1994.