(1) In carrying out the provisions of KRS 164A.555 to 164A.630 the governing boards shall be bound by the following statutes: (a) KRS 56.610 to 56.820 regarding relocation assistance and lease of property for state use, and 56.870 to 56.874 regarding legislati ve approval of state fiscal obligations. (b) The Kentucky Model Procurement Code as set forth in KRS Chapter 45A. (c) KRS Chapter 56 as it relates to the approval of revenue bond issues by the State Property and Buildings Commission, and the issuance of re venue bonds and bond anticipation notes. (d) KRS 45.550 to 45.640 regarding equal employment opportunity. (2) Any other provisions of KRS Chapters 41, 42, 45, 56, 57 to the contrary notwithstanding, KRS 164A.555 to 164A.630 shall govern the financial management of higher education with the exception of KRS 45.990 and 45A.990 having to do with penalties which shall be applicable to violations of KRS 164A.555 to 164A.630. (3) Any officer, agent or employee of any institution who willfully fails or refuses to comply with any other provisions of KRS 164A.555 to 164A.630 is subject to indictment in the appropriate Circuit Court and upon conviction shall be fined not less than fifty dollars ($50) nor more than one thousand dollars ($1000) for each offense.
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