98RS HB857


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HB 857 (BR 2104) - S. Alexander

     AN ACT relating to local government utility financing.
     Create new sections of KRS 147A to define terms; establish a Local Government Utility Financing Corporation; establish and set duties for a board and an executive committee for the corporation; specify the functions and purpose of the corporation; provide for the board to designate a trustee for funds received by the corporation and subject the corporation's receipt of any appropriation from the state to a memorandum of agreement between the corporation and the Department of Finance and Administration; establish a local government utility financing trust fund; provide specific rights and responsibilities for the corporation with respect to issuing revenue or refunding bonds; provide for the corporation to undergo an annual audit of the books, accounts, and records of the corporation and of the fund; provide for the corporation to have tax-exempt status; create a new section of KRS Chapter 278 to require any water association, commission, or district, or combined water, gas, or sewer district formed under KRS Chapters 74 and 273 to file rate-related information with the Public Service Commission and require the Public Service Commission to review the project and make any recommendations or modifications to the project within thirty (30) days or issue a certificate of convenience and necessity; amend KRS 42.455 to provide for local governments to finance twenty percent (20%) of the project costs with grants received under the Local Government Assistance Program.

     Mar 3-introduced in House
     Mar 4-to State Government (H)
     Mar 6-posted in committee
     Mar 11-reported favorably, 1st reading, to Calendar
     Mar 12-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for March 13, 1998
     Mar 16-3rd reading, passed 87-1
     Mar 17-received in Senate
     Mar 18-to State and Local Government (S)

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