Section 197.540 - Irrevocable letter of credit as substitute for performance bond - Protection of state's interest in continual level of prison beds(1) When KRS 197.510 or any other statute relating to contracting for the private operation of prisons requires a performance bond, an irrevocable letter of credit or a performance bond in a form satisfactory to the Commonwealth may be substituted.(2) The contract shall also protect the state's interest in providing a continual level of prison beds available without a sudden drop in the number of prison beds available or the need to release inmates or provide for their transfer to other facilities.Effective:7/15/1998
Created 1998, Ky. Acts ch. 606, sec. 95, effective7/15/1998.