SB 122 — AN ACT relating to the Finance and Administration Cabinet and declaring an emergency.

UNOFFICIALCHAPTER COPY135 231 RSCHAPTER 135 ( SB 122/VO122 ) AN ACT relating to the Finance and Administration Cabinet and declaring an emergency.

Such certificates may contain such terms and conditions as the Office of the Controller in the Finance and Administration Cabinet may prescribe, including but not limited to a deductible, in order that there be fair allocation of Page 1 of 9 SB012290.100 - 1296 - XXXX 3/29/2023 3:51 PM Vetoed and Overriden UNOFFICIAL COPY 23 RS SB 122/VO significant losses and the elimination of unnecessary costs in administering the state fire and tornado insurance fund.

(2) On and after the effective date of this actAct until June 30, 2025, no debit, credit, or payment made on account of the damage to any one (1) subject of risk, by any one (1) loss, shall be in excess of ten million dollars ($10,000,000), unless the Office of the Controller in the Finance and Administration Cabinet has effected reinsurance upon that risk to limit the liability of the state fire and tornado insurance fund to ten million dollars ($10,000,000), and unless the excess over this amount has actually been paid into the fund by the reinsuring company or companies.

(3) On and after July 1, 2025, no debit, credit, or payment made on account of the damage to any one (1) subject of risk, by any one (1) loss, shall be in excess of one million dollars ($1,000,000), unless the Office of the Controller in the Finance and Administration Cabinet has effected reinsurance upon the subject of risk such as to Page 2 of 9 SB012290.100 - 1296 - XXXX 3/29/2023 3:51 PM Vetoed and Overriden UNOFFICIAL COPY 23 RS SB 122/VO limit the liability of the state fire and tornado insurance fund to one million dollars ($1,000,000), and unless the excess over this amount has actually been paid into the fund by the reinsuring company or companies.

(1) On or after the effective date of this Act until June 30, 2025, the Office of the Controller in the Finance and Administration Cabinet may contract with any responsible fire and tornado insurance or reinsurance company authorized to do business in Kentucky to reinsure any subject of risk of which the total valuation has been fixed at over ten million dollars ($10,000,000) in such a way as to limit the net liability of the state Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY fire and tornado insurance fund with respect to that risk to ten million dollars ($10,000,000).

(2) On or after July 1, 2025, if at the end of any fiscal year the moneys and securities to the credit of the state fire and tornado insurance fund exceed ten million dollars Page 3 of 9 SB012290.100 - 1296 - XXXX 3/29/2023 3:51 PM Vetoed and Overriden UNOFFICIAL COPY 23 RS SB 122/VO ($10,000,000), any such excess shall be transferred to the general fund.

The cabinet shall allocate to the General Assembly and the Legislative Research Commission all[the amount of] space within the New State Capitol Annex[, currently assigned to the legislative branch] in the Page 4 of 9 SB012290.100 - 1296 - XXXX 3/29/2023 3:51 PM Vetoed and Overriden UNOFFICIAL COPY 23 RS SB 122/VO basement and on the first, second, third, and fourth floors[ floor totaling forty-nine thousand six hundred thirty-eight (49,638) square feet;

CHAPTER 135 3 f.

and Page 5 of 9 SB012290.100 - 1296 - XXXX 3/29/2023 3:51 PM Vetoed and Overriden UNOFFICIAL COPY 23 RS SB 122/VO h.

(c) [Forty percent (40%) of the floor space provided by paragraph (a) of this subsection for use by the legislative branch shall be assigned for the use of the Page 6 of 9 SB012290.100 - 1296 - XXXX 3/29/2023 3:51 PM Vetoed and Overriden UNOFFICIAL COPY 23 RS SB 122/VO Senate.

(d) For the purposes of this subsection, real property shall include the parking areas adjacent to the New State Capitol and the New State Capitol Annex, and the cabinet shall allocate to the General Assembly and the Legislative Research Commission all parking spaces within the Capitol campus parking garage, all parking spaces in the east, south, and west parking lots of the New State Capitol Annex, and all parking spaces in the west parking lot of the New State Capitol, except for those spaces in the west parking lot of the Page 7 of 9 SB012290.100 - 1296 - XXXX 3/29/2023 3:51 PM Vetoed and Overriden UNOFFICIAL COPY 23 RS SB 122/VO New State Capitol allocated, as of January 1, 2023, to the Supreme Court of Kentucky, the Lieutenant Governor, the Attorney General, and the Secretary of State.

Subject to paragraphs (a) and (b) of this subsection, the cabinet is also authorized and directed to allocate office space and furnishings in existing public buildings located in Frankfort, exclusive of the third and fourth floors of the New State Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY Capitol and the space in the New State Capitol Annex allocated to the legislative branch, according to the needs of the various agencies.

Page 8 of 9 SB012290.100 - 1296 - XXXX 3/29/2023 3:51 PM Vetoed and Overriden UNOFFICIAL COPY 23 RS SB 122/VO (5) To acquire, by condemnation in the manner provided in the Eminent Domain Act of Kentucky, any real estate necessary for use by the state or by any state agency, when the cabinet is unable to agree with the owner thereof on a price for such real estate;

PageVeto 9Overridden ofMarch 929, SB012290.1002023. - 1296 - XXXX 3/29/2023 3:51 PM Vetoed and Overriden