HB758: AN ACT relating to financial assistance and making an appropriation therefor.

Legislative Summary

Create new sections of KRS Chapter 224A to making findings and declarations of the General Assembly regarding the need for funding for public funding for drinking water and wastewater systems; establish a water management assistance fund which is administered by the Kentucky Infrastructure Authority to provide assistance for both capital and non-capital expenses of governmental entities that provide public drinking water and wastewater services to the public; describe the various non-capital expenses that the fund can provide funding for; amend KRS 91A.040 to make permissive the requirement for the Finance and Administration Cabinet to place a hold on the funds to cities for nonperformance of required financial audits and statements; amend KRS 224A.011 to include private water associations under the definition of "governmental agency"; amend 224A.035 to authorize the Kentucky Infrastructure Authority to make non-capital expenditure from funds that it governs; and amend KRS 224A.040 to allow expenditure for non-capital expenditures that improve the technical, managerial, or operational capacity of public drinking water and wastewater systems and allow for the purchase of obligations if the purchase does not cause interest on current or future state agency obligations to be included in gross federal income for federal tax purposes.