By August 1, 2010, the governing body of a public entity and the governing body of any affiliated organization of the public entity shall each: (1) Adopt a procurement po licy consistent with KRS 45A.345 to 45A.460 that includes, notwithstanding KRS 45A.380(3) and (10), a transparent, competitive, selection process for licensed professional services, bond underwriting and bond counsel services, and financial and insurance products and services; (2) Approve a detailed, equitable personnel and compensation policy; (3) Approve contracts only in accordance with its bylaws and procurement policy; (4) Establish an independent process to receive, analyze, investigate and resolve concerns relating to the public entity and its affiliated organizations, including alleged violations of the code of ethics required by subsection (6) of this section; (5) Conduct training for its members relating to their legal and fiduciary responsibilities; and (6) Adopt a code of ethics that shall include: (a) Standards of conduct for its members and its officers and employees; (b) Requirements for creation and annual filing of financial disclosure statements for its members and its officers and management personnel; and (c) A policy on the employment of: 1. Individuals related to its members; and 2. Individuals related to its officers and employees.
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