About

SPBC, TAK, and ALCo

State Property & Buildings Commission (SPBC)

Authorization: KRS 56.440 – KRS 56.590 and  KRS 58.020                             

Website:  https://finance.ky.gov/services/ofm/Pages/SPBC.aspx

Official Statements: https://finance.ky.gov/services/ofm/Pages/SPBCOfficialStatements.aspx

Overview: Established in 1949 and reconstituted Oct 1, 1976, SPBC is an independent agency with the power to finance the acquisition of real estate, the construction and equipping of building projects, and other public projects for any agency of the Commonwealth. The Executive Director of the Office of Financial Management serves as secretary to the Commission.

Board Members:
Governor (Chair)
Lieutenant Governor (Vice-Chair)
Attorney General
Secretary, Finance and Administration Cabinet
Secretary, Cabinet for Economic Development
State Controller
State Budget Director

Board Meetings:  As needed                          

Quorum:  Any four (4) members of the Commission or their alternates constitute a quorum.  A majority vote of the quorum provides authorization to transact the business of the Commission.                                    

Objective:  Issue revenue bonds to provide financing for capital construction projects and other financing programs approved by the General Assembly. 


Turnpike Authority of Kentucky (TAK)

Authorization: KRS 175 and Kentucky Constitution General Provisions Section 230                      

Website: https://finance.ky.gov/services/ofm/Pages/TurnpikeAuthority.aspx

Official Statements: https://finance.ky.gov/services/ofm/Pages/TAKOfficialStatements.aspx

Overview: The Authority is an independent agency of the Commonwealth with the power to construct, acquire, finance, and operate road systems. The Authority’s Secretary and Treasurer are elected outside of the membership of the Authority.

Board Members:
Governor (Chair)
Lieutenant Governor (Vice-Chair)
Secretary, Finance and Administration Cabinet
Secretary, Cabinet for Economic Development
Secretary, Transportation Cabinet
Attorney General
State Highway Engineer                     

Board Meetings:  As needed                        

Quorum:  Any four (4) members of the Authority or their alternates constitute a quorum.   A majority vote of the quorum provides authorization to transact the business of the Authority.

Objective: To perform essential governmental functions and to serve the public in constructing, acquiring, financing, and operating turnpike and other road projects for the use, safety, convenience, and general welfare of the traveling public.


Kentucky Asset/Liability Commission  (ALCo)

Authorization: KRS 56.860 – 56.869 200 and KAR 23:010  

Website: https://finance.ky.gov/services/ofm/Pages/KentuckyAssetLiabilityCommission.aspx

Official Statements: https://finance.ky.gov/services/ofm/Pages/OfficialDocuments.aspx

Overview:  ALCo was established in 1997 to develop policies and strategies to minimize the impact of fluctuating interest rates on the Commonwealth’s interest-sensitive assets and interest-sensitive liabilities. The Executive Director of the Office of Financial Management serves as secretary to the Commission.

Board Members:
Secretary, Finance and Administration Cabinet (Chair)
Attorney General
State Treasurer
Executive Director of the Office of Controller
State Budget Director                  

Board Meetings:  As needed.                                       

Quorum:  Any three (3) members of the Commission, or their alternates, constitute a quorum.  A majority vote of the quorum provides authorization to transact the business of the Commission. Each alternate shall be a person on the staff of the appointing member or shall be in the employ of the appointing member’s agency or department of the government of the Commonwealth.

Objective: Minimize the impact of fluctuating receipts of revenues on the budget of the Commonwealth and fluctuating interest rates on the Commonwealth's interest-sensitive assets and interest-sensitive liabilities. Additionally, it provides financing for public projects of the Commonwealth and state agencies.