06RS SB28


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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.

SB 28 (BR 365) - D. Seum

     AN ACT relating to the issuance of bonds.
     Create new sections of KRS Chapters 58 and 103 to prohibit the creation of certain private activity bond projects outside the jurisdictional boundaries of the issuing entity; amend KRS 103.2101 to increase the period required for notification of a public hearing on private activity bond projects from 30 days to 90 days.


     SCS - Retain original provisions of the bill; specify that the provisions of the bill relate to housing projects only; provide that the local entity shall not issue revenue bonds for any housing project located outside of their jurisdictional boundaries without the express written consent of the elected legislative body of the local entity in which the housing project will be located.

     HCA (1, J. Barrows) - Insert new sections of KRS Chapter 66 relating to derivative contracts; create definitions; permit local governments to use derivative contracts only for prescribed purposes, and establish criteria which must be met prior to entering into such contracts which includes requirement for a local government to be a party to any such contracts, prior approval of the state local debt officer, use of prescribed documentation, and use of competitive bidding for such contracts; require the disclosure of specified information after a local government enters into a derivative contract; require the notification of the state local debt officer 10 business days prior to the payment of any termination payment as prescribed; require notification of the state local debt within 10 business days of potential breech of contract by a counterparty; require the Department for Local Government to promulgate the necessary administrative regulations.

     HCA (2/Title, J. Barrows) - Make title amendment.

     HFA (1, D. Floyd) - Delete Section 3 Senate Bill 28/GA dealing with notification requirements.

     (Prefiled by the sponsor(s).)

     Dec 7-To: Interim Joint Committee on State Goverment
     Jan 3-introduced in Senate
     Jan 4-to State and Local Government (S)
     Feb 15-reported favorably, 1st reading, to Calendar with Committee Substitute
     Feb 16-2nd reading, to Rules
     Feb 22-posted for passage in the Regular Orders of the Day for Thursday, February 23, 2006
     Feb 23-3rd reading, passed 38-0 with Committee Substitute
     Feb 24-received in House
     Feb 28-to Appropriations and Revenue (H)
     Mar 6-reassigned to State Government (H)
     Mar 9-posted in committee
     Mar 21-reported favorably, 1st reading, to Calendar with committee amendments (1) and (2-title)
     Mar 22-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Thursday, March 23, 2006; floor amendment (1) filed
     Mar 23-3rd reading, passed 99-0 with floor amendment (1)
     Mar 24-received in Senate
     Apr 10-posted for passage for concurrence in House floor amendment (1) as a Consent Bill; Senate concurred in House floor amendment (1) ; passed 37-0; enrolled, signed by President of the Senate
     Apr 11-enrolled, signed by Speaker of the House; delivered to Governor
     Apr 17-signed by Governor (Acts ch. 178)

Vote History

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