The Commonwealth of Kentucky

In House Bill 1 of the 2022 Regular Session; the Kentucky General Assembly appropriated $260 Million in bond funds to Phase 2 of the Capitol Campus Renovation.  The ongoing multi-year, multi-million-dollar renovation project involves both the State Capitol and the Capitol Annex Building.

The Capitol Building opened in 1910 and the last major work done on the dome was in 1955.  The structure of the Capitol dome will be completely rebuilt by replacing the 80-year-old terracotta tiles, installation of waterproofing, structural repairs and removing algae and other organic materials with the construction expected to be finished in 2025.

The remainder of the Capitol Campus Renovation project will include upgrades inside the Capitol which will begin upon completion of the dome renovation.

The entire renovation project should be concluded by the Fall of 2028.

The Capitol Annex currently houses Legislative offices. It was financed with an appropriation from the General Assembly in 1946, and proceeds of the 1950 inaugural issue of the State Property and Buildings Commission, Project No. 1.

Located across from the south lawn of the Capitol, it is styled with a limestone façade, brick terrace, and balustrades mimicking the Capitol building.  The Annex was originally intended to serve as a judiciary building, but with the addition of bond proceeds, it was possible to fund the construction of a more substantial office structure. Construction began in 1950, and the building was fully occupied by September 1952.

House Bill 1 during the 2022 Regular Session of the Kentucky General Assembly (budget bill) $260 million was appropriated from bond funds for the Capitol Campus Renovation Phase 2 project.  The project will continue repairs to the Capitol Campus including but not limited to: the continuation of mechanical, electrical and plumbing infrastructure upgrades in the basement and on the first floor, dome and lantern renovation, security windows, and repairs to comply with building codes.

The Commonwealth of Kentucky and Indiana worked for more than 40 years to develop an improved cross-river mobility project between Louisville, KY and Clark County, IN. The Louisville-Southern Indiana Ohio River Bridges Project is comprised of two segments. The Downtown Crossing Segment (pictured) and the East End Crossing Segment.  The Kentucky Public Transportation Infrastructure Authority was responsible for constructing and financing the Downtown Crossing Segment with a combination of toll revenue bonds, Kentucky Asset/Liability Commission Bonds, a Transportation Infrastructure Finance and Innovation Act Loan, and State Highway Plan Cash.

In 2019, a $241 million project to renovate Rupp Arena and the Lexington Convention Center began after receiving $60 million in bond funding from the Commonwealth’s State Property and Buildings Commission, Project No. 119. Construction is complete and includes over 100,000 sq. ft. of exhibition space and a dramatically updated exterior.

Bond proceeds funded renovations completed in 2018, which expanded the Kentucky International Convention Center over 50,000 square feet within the existing footprint in downtown Louisville. $43.9 million in bond proceeds were used from State Property and Buildings Commission, Project No. 108, Project No. 110, and Project No. 117B.

Built-in 1973, originally named Commonwealth Stadium was expanded and renovated in 1999 using $24 million in bond proceeds from State Property and Buildings Commission Revenue Bonds, Project No. 66.  Proceeds of $110 million from the University of Kentucky General Receipts Bonds, 2014A and 2014C financed the 2015 renovation and rebranding of the stadium, now called Kroger Field.

Eastern State Hospital has been continually operated by the Commonwealth since the 1820’s and moved to its new $129 million LEED Silver Certification facility in September of 2013.

A land swap was brokered in 2008 between the University of Kentucky, Bluegrass Community and Technical College, the City of Lexington and the state.  The University of Kentucky provided the 30-acre site on which the new hospital was constructed.  Bluegrass Community and Technical College took over the 48-acre former Eastern State Hospital grounds and built new classroom buildings.

The financing for Eastern State was achieved over a series of notes and lease revenue bond issues by the Lexington-Fayette Urban County Government Public Facilities Corporation.

In 2019, the University of Louisville purchased Jewish Hospital and associated facilities with help from the Commonwealth of Kentucky and two foundations.

The Kentucky Economic Development Finance Authority provided a $50 million, 20-year loan with authorization and appropriation from the Kentucky General Assembly in 2020.  The Jewish Heritage Fund for Excellence and the Jewish Hospital and St. Mary’s Foundation contributed $10 million and $40 million, respectively.

The “Bucks for Brains” Endowment Match Program matches public dollars and private donations to encourage research and strengthen key programs at Kentucky universities.  All funds, both public and private, must be endowed, which provides a perpetual source of funding.

The Council on Postsecondary Education administers the program and requests must meet the council’s eligibility requirements.

House Bill 1 during the 2022 Regular Session of the Kentucky General Assembly appropriated $40 million to the project and it was funded with State Property and Buildings Commission, Project No. 127B.

Kentucky Teachers’ Retirement System is now known as Teachers’ Retirement System Kentucky.

Through “Shared Responsibility” the Commonwealth changed the Teachers’ health insurance benefit from a pay-go benefit to a prefunded trajectory.  Three funding notes were issued by the Commonwealth of Kentucky Asset/Liability Commission in 2010, 2011 and 2013.  The notes reimbursed, in full, the pension plan for its reallocated contributions and provides stabilization funding so that the phased-in contributions from active teachers, school districts and retired teachers could reach their full impact.

In 2010, the Kentucky Asset/Liability Commission won The Bond Buyer’s Deal of the Year Award for the Southeast Region for its first issuance of $467.55 million of funding notes.

KentuckyWired is a $232 million public-private partnership used to develop a state-wide, middle-mile fiber optic network to connect key end internet users and stimulate economic development by providing broadband technology throughout the Commonwealth.

The offering forged new territory in the P3 market with its unique, first-of-its-kind approach to broadband connectivity on a statewide basis, and was the first non-transportation P3 to use a tax-exempt governmental purpose bond structure that achieved risk transfer.

In 2015, KentuckyWired was awarded The Bond Buyer’s Deal of the Year Award and the Council of Development Finance Agencies Excellence in Development Financing Award.