Kentucky Statutes 154.12-100 – Economic development fund — Project selection criteria — Written commitment — Approval — Report
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(1) “Economic development fund” means the fund authorized by the General Assembly for the purpose of promoting economic development within the state.
(2) The economic development fund shall be funded through the issuance of bonds by the State Property and Buildings Commission or other appropriation by the General Assembly.
(3) The economic development fund shall be administered by the secretary of the Cabinet for Economic Development. The authority shall promulgate administrative regulations in accordance with KRS Chapter 13A for project selection criteria and administration of the economic development fund. The project selection criteria shall include but not be limited to the following:
(a) Potential job creation or job retention;
(b) Degree of public or private and local involvement; (c) Degree and conditions of project payback; and
(d) Amount of investment.
(4) Prior to submission of an economic development fund project to the authority, the secretary of the Cabinet for Economic Development shall receive a written commitment from the public or private organization which has requested funds outlining projected job creation and retention, an investment breakdown, and overall project description. This shall be submitted by the secretary to the authority. Subsequently, the secretary of the Cabinet for Economic Development shall execute a written agreement with the public or private organizations involved expressing in detail the respective obligations on the parties.
(5) Projects of state agencies as defined in KRS § 42.005 shall not be eligible for funding from the economic development fund program, unless expressly provided in a branch budget bill. Airport construction and renovation projects shall be eligible for funding under this section. The secretary of the Cabinet for Economic Development shall consult with the secretary of the Finance and Administration Cabinet on the terms and conditions relating to the use of funds pursuant to this section before any commitment is made on any project to any public or private organization.
(6) Following the approval by the authority, the project shall be presented by the secretary of the Cabinet for Economic Development or his or her designee with supporting documentation for review and approval at the next regularly scheduled meeting of the Capital Projects and Bond Oversight Committee pursuant to KRS
45.810 and at the next regularly scheduled meeting of the State Property and
Buildings Commission pursuant to KRS § 56.450.
(7) Notwithstanding the provisions of KRS § 56.872(3), the amount of economic development funds issued during any biennium shall not exceed the balance of the fund, and any funds authorized in the biennial budget shall carry forward and shall not lapse.
(8) By November 1 of each year, the Cabinet for Economic Development shall prepare and post an annual report to the cabinet’s Web site as required in KRS § 154.12-2035, showing the economic development funds issued during the previous fiscal year,
funds disbursed, the amounts paid back, and the balance still owing with respect to grants or loans made by the Cabinet for Economic Development with proceeds of economic development funds during the previous five (5) fiscal years.
Effective: March 26, 2019
History: Amended 2019 Ky. Acts ch. 172, sec. 1, effective March 26, 2019. — Amended 2018 Ky. Acts ch. 199, sec. 10, effective July 14, 2018. — Amended 2014
Ky. Acts ch. 134, sec. 4, effective July 15, 2014. — Amended 1996 Ky. Acts ch. 194, sec. 16, effective July 15, 1996. — Amended 1994 Ky. Acts ch. 387, sec. 26, effective July 15, 1994. — Repealed, reenacted, and amended as KRS § 154.12-100,
1992 Ky. Acts ch. 105, sec. 29, effective July 14, 1992. — Amended 1991 (1st Extra. Sess.) Ky. Acts ch. 12, sec. 51, effective February 26, 1991. — Amended 1990 Ky. Acts ch. 195, sec. 1, effective July 13, 1990; and ch. 267, sec. 1, effective July 13,
1990. — Created 1988 Ky. Acts ch. 145, sec. 2, effective July 15, 1988.
Formerly codified as KRS § 152.052.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. II, B, (2) at 1710.
(2) The economic development fund shall be funded through the issuance of bonds by the State Property and Buildings Commission or other appropriation by the General Assembly.
Terms Used In Kentucky Statutes 154.12-100
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Biennium: means the two (2) year period commencing on July 1 in each even- numbered year and ending on June 30 in the ensuing even-numbered year. See Kentucky Statutes 446.010
- branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
- Cabinet: means the Cabinet for Economic Development as established under KRS
12. See Kentucky Statutes 154.1-010 - Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Oversight: Committee review of the activities of a Federal agency or program.
- Project: includes but is not limited to agribusiness, agricultural or forestry production, harvesting, storage, or processing facilities or equipment. See Kentucky Statutes 154.1-010
- State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
- Year: means calendar year. See Kentucky Statutes 446.010
(3) The economic development fund shall be administered by the secretary of the Cabinet for Economic Development. The authority shall promulgate administrative regulations in accordance with KRS Chapter 13A for project selection criteria and administration of the economic development fund. The project selection criteria shall include but not be limited to the following:
(a) Potential job creation or job retention;
(b) Degree of public or private and local involvement; (c) Degree and conditions of project payback; and
(d) Amount of investment.
(4) Prior to submission of an economic development fund project to the authority, the secretary of the Cabinet for Economic Development shall receive a written commitment from the public or private organization which has requested funds outlining projected job creation and retention, an investment breakdown, and overall project description. This shall be submitted by the secretary to the authority. Subsequently, the secretary of the Cabinet for Economic Development shall execute a written agreement with the public or private organizations involved expressing in detail the respective obligations on the parties.
(5) Projects of state agencies as defined in KRS § 42.005 shall not be eligible for funding from the economic development fund program, unless expressly provided in a branch budget bill. Airport construction and renovation projects shall be eligible for funding under this section. The secretary of the Cabinet for Economic Development shall consult with the secretary of the Finance and Administration Cabinet on the terms and conditions relating to the use of funds pursuant to this section before any commitment is made on any project to any public or private organization.
(6) Following the approval by the authority, the project shall be presented by the secretary of the Cabinet for Economic Development or his or her designee with supporting documentation for review and approval at the next regularly scheduled meeting of the Capital Projects and Bond Oversight Committee pursuant to KRS
45.810 and at the next regularly scheduled meeting of the State Property and
Buildings Commission pursuant to KRS § 56.450.
(7) Notwithstanding the provisions of KRS § 56.872(3), the amount of economic development funds issued during any biennium shall not exceed the balance of the fund, and any funds authorized in the biennial budget shall carry forward and shall not lapse.
(8) By November 1 of each year, the Cabinet for Economic Development shall prepare and post an annual report to the cabinet’s Web site as required in KRS § 154.12-2035, showing the economic development funds issued during the previous fiscal year,
funds disbursed, the amounts paid back, and the balance still owing with respect to grants or loans made by the Cabinet for Economic Development with proceeds of economic development funds during the previous five (5) fiscal years.
Effective: March 26, 2019
History: Amended 2019 Ky. Acts ch. 172, sec. 1, effective March 26, 2019. — Amended 2018 Ky. Acts ch. 199, sec. 10, effective July 14, 2018. — Amended 2014
Ky. Acts ch. 134, sec. 4, effective July 15, 2014. — Amended 1996 Ky. Acts ch. 194, sec. 16, effective July 15, 1996. — Amended 1994 Ky. Acts ch. 387, sec. 26, effective July 15, 1994. — Repealed, reenacted, and amended as KRS § 154.12-100,
1992 Ky. Acts ch. 105, sec. 29, effective July 14, 1992. — Amended 1991 (1st Extra. Sess.) Ky. Acts ch. 12, sec. 51, effective February 26, 1991. — Amended 1990 Ky. Acts ch. 195, sec. 1, effective July 13, 1990; and ch. 267, sec. 1, effective July 13,
1990. — Created 1988 Ky. Acts ch. 145, sec. 2, effective July 15, 1988.
Formerly codified as KRS § 152.052.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. II, B, (2) at 1710.