<br><br> <br>Page 1 of 1 <br>56.861 Kentucky Asset/Liability Commission -- Membership -- Status as public <br>corporation -- Selection of certain advisors -- Issuance of notes. <br>(1) There is recognized as an independent agency of the state within the meaning of <br>KRS Chapter 12, and as a constituted authority of the Commonwealth of Kentucky, <br>a state and a sovereign entity within the meaning of regulations of the United States <br>Department of Treasury, Internal Revenue Service, a Kentucky Asset/Liability <br>Commission composed of the secretary of the Finance and Administration Cabinet, <br>who shall be chair; the Attorney General; the State Treasurer; the executive director <br>of the Office of the Controller; and the state budget director, or their alternates as <br>authorized in KRS 56.865. The vice chair shall be elected from among the <br>membership. <br>(2) Any three (3) members of the commission, or their alternates, shall constitute a <br>quorum and shall by a majority vote be authorized to transact any and all business <br>of the commission. <br>(3) No member shall receive any salary, fee, or other remuneration for services as a <br>member of the commission, but each shall be entitled to reimbursement for ordinary <br>traveling expenses, including meals and lodging, incurred in the performance of the <br>member's duties. <br>(4) The commission shall constitute a public body corporate with perpetual succession <br>and power in name to contract and be contracted with, sue and be sued, adopt <br>bylaws not inconsistent with KRS 56.860 to 56.869, have and use a corporate seal, <br>and exercise all of the powers granted private corporations generally in KRS <br>Chapter 271B, except as the same may be inconsistent with KRS 56.860 to 56.869. <br>(5) The selection of bond counsel, senior managing underwriter, or financial advisor to <br>the commission shall be subject to the provisions of KRS 45A.840 to 45A.879. <br>(6) Notes issued pursuant to KRS 56.860 to 56.869 may be sold on a competitive or <br>negotiated sale basis. <br>Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 12, sec. 31, effective June 25, 2009. -- Amended <br>2005 Ky. Acts ch. 85, sec. 84, effective June 20, 2005. -- Created 1997 (1st Extra. <br>Sess.) Ky. Acts ch. 4, sec. 3, effective May 30, 1997. <br><br>