<br><br> <br>Page 1 of 1 <br>45A.870 Procedure to take advantage of an innovation developed by a firm. <br>(1) Notwithstanding the other provisions of KRS 45A.840 to 45A.879, this section <br>shall govern the selection of an underwriter or a bond counsel to take advantage of <br>an innovation developed by that firm. <br>(2) The executive director may discuss with an underwriter or a bond counsel an <br>innovation which the firm has developed or is developing. <br>(3) If the executive director concludes that the Commonwealth will benefit from using <br>the innovation, then the executive director shall negotiate with the firm for it to <br>provide the innovation to the Commonwealth in exchange for the firm's <br>employment on certain bond issues. <br>(4) After an agreement is reached, but before it is executed, the executive director shall <br>seek the review and recommendation of the Capital Projects and Bond Oversight <br>Committee. <br>(5) If the committee does not recommend the agreement, the agreement shall be <br>referred to the secretary of the Finance and Administration Cabinet who shall: <br>(a) Revise the agreement in consideration of the committee's objections; <br>(b) Cancel the agreement; or <br>(c) Determine to enter into the agreement. <br>(6) Within thirty (30) days after the secretary reaches his decision, it shall be <br>transmitted to the committee. <br>Effective: July 15, 1994 <br>History: Created 1994 Ky. Acts ch. 409, sec. 10, effective July 15, 1994. <br><br>