KY HB207 | 2019 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 5 2019 - 25% progression
Action: 2019-02-06 - to Education (H)
Pending: House Education Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Amend KRS 164A.550 to define "branch budget bill," "capital project," and "general fund"; amend KRS 164A.575 to permit the governing board of a public postsecondary education institution to authorize a capital project even though it is not specifically listed in a budget branch bill if the project is funded solely by non-general fund appropriations, including agency cash or restricted funds, federal funds, private funds, or agency bonds in an amount not to exceed $5,000,000 per project and per year if certain requirements are met; create a new section of KRS 164A.550 to 164A.630 to permit governing boards of a public postsecondary education institution to authorize up to $5,000,000 in agency bonds a year without approval from the General Assembly when the institution matches the principal amount of the agency bonds issued with agency funds reserved for the specific purpose for with the agency bonds are issued; require the governing board to provide specific written certifications to designated agencies prior to issuance of agency bonds; prohibit a governing board from requesting an appropriation from the state general fund to pay debt service or other financing costs of the bonds; provide that the bonds issued shall be an obligation of the institution; require a governing board to specify by resolution the revenues pledged as security on the bonds and identify the funds reserved to match the bonds; amend KRS 45.763 to exclude projects authorized by a governing board in accordance with this Act; amend KRS 164A.585, 164A.600, 56.870, 45.760, and 45.793 to conform.

Tracking Information

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Title

AN ACT relating to the public postsecondary education institutions.

Sponsors


History

DateChamberAction
2019-02-06Houseto Education (H)
2019-02-05Houseintroduced in House

Subjects


Kentucky State Sources


Bill Comments

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