Kentucky Revised Statutes Title VII. Public Property and Public Printing § 56.063.Deposit and use of savings generated as result of refunding transaction

(a) “Asset/liability commission” means the Kentucky Asset/Liability Commission established by KRS 56.861;

(b) “Commission” means the State Property and Buildings Commission established by KRS 56.450;

(c) “General fund” has the same meaning as in KRS 48.010(15)(a);

(d) “Present value savings” means the difference expressed in terms of current dollars between debt service on refunded bonds and debt service on refunding bonds;

(e) “Refunded bonds” means outstanding bonds, notes, or other obligations that were issued at any time, and that are refinanced through a refunding transaction;

(f) “Refunding bonds” means new bonds, notes, or other obligations issued to refund outstanding bonds, notes, or other obligations, including redemption premiums and any interest accrued or to accrue to the date of redemption as part of a refunding transaction;

(g) “Refunding transaction” means a transaction:

(h) “Revenue shortfall” has the same meaning as in KRS 48.010(18);

(i) “Road fund” has the same meaning as in KRS 48.010(15)(g); and

(j) “State agency”:

(a) Results in a reduction in required debt service during the fiscal biennium; and

(b) Does not result in positive net present value savings;

shall be deposited in the budget reserve trust fund account established by KRS 48.705, and shall not be used as part of any budget-balancing measures adopted or taken by the executive branch either in response to a revenue shortfall, or to address expenditure reductions required by an enacted biennial budget for the executive branch.