19RS HB 207

House Bill 207

Actions

Last Action	02/06/19: to Education (H)
Title	AN ACT relating to the public postsecondary education institutions.
Bill Documents	Introduced
Bill Request Number	1040
Sponsor	J. DuPlessis
Summary of Original Version	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.
Index Headings of Original Version	Education, Finance - Public postsecondary education institutions, agency bonds Education, Higher - Public postsecondary governing boards, agency bonds, conditional authority to issue Education, Higher - Public postsecondary governing boards, capital projects, conditional authority to authorize Universities and Colleges - Governing boards, agency bonds, conditional authority to issue Universities and Colleges - Governing boards, capital projects, conditional authority to authorize Bonds of Surety - Agency bonds, public postsecondary governing boards, conditional authority to issue Capital Construction - Public postsecondary education institutions, capital projects, authority of board to authorize Boards and Commissions - Public postsecondary governing boards, agency bonds, conditional authority to issue Boards and Commissions - Public postsecondary governing boards, capital projects, conditional authority to authorize

02/05/19	introduced in House
02/06/19	to Education (H)