Calling it the greatest single piece of legislation to support job creation this session, Chamber President Dave Adkisson expressed his gratitude for Senate passage of House Bill 407, the Public-Private Partnership (P3) bill that has garnered the support of more than 30 business organizations across the Commonwealth. House Bill 407 passed the Senate Thursday with a bipartisan vote of 27-9; it now goes to the House for concurrence.
“We sincerely appreciate the swift action of the Senate to pass HB 407,” said Dave Adkisson. “Kentucky is one step closer to having the same job-creating structure as our surrounding states. By authorizing and encouraging P3s in Kentucky, more Kentucky-companies will have opportunities to help deliver projects and services for our citizens.”
HB 407 cleared the Senate with Chamber-supported amendments that were worked out with the bill sponsor Rep. Leslie Combs and the Senate champion for P3, Sen. Sara Beth Gregory. The Chamber is encouraging quick House concurrence to expedite this important issue.
“This legislation will provide Kentucky companies with a number of opportunities to help state and local government entities deliver projects and services across the state,” noted Adkisson. “House Bill 407 is, without question, the greatest bill to advance this session to support job creation in Kentucky.”
HB 407 would provide opportunities fuel job growth by enabling the use of public-private partnerships – so called P3s – by state and local governments, creating a system in Kentucky that already exists in many states. A public-private partnership is a contract between a public entity, such as a state or local government, and a private business, under which the business builds a project or provides a service for the public. Any financial risk during the construction and/or operation of the project is assumed by the private business.