HB435 - Kentucky: Banks and Financial Institutions, Bonds, Public, Budget and Financial Administration, Cities, Cities, Consolidated Local Governments

Create a new section of KRS Chapter 65 to require a city, county, urban-county, consolidated local government, charter county, taxing district, or special district to notify the state local debt officer in writing before entering into any financing obligation, lease, bond issuance, or any long term debt obligation when the lease price exceeds two hundred thousand dollars ($200,000); authorize the state local debt officer to promulgate administrative regulations to develop the forms of notification; specify information to be reported on form; specify that no approval by the state local debt officer shall be required; clarify that any financing obligation entered into prior to the passage of this section shall be considered in compliance, if notification is provided to the state local debt officer no later than one (1) year after the effective date of this Act; amend KRS 65.944 to delete language requiring notification in writing to the state local debt officer when a lease price exceeds [...]

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