Kentucky Statutes 154.40-060 – Use of revenues and funds — Annual audit
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(1) All revenues derived by the corporation from the use of Eastern Kentucky Exposition Center, all contributions to the center from other sources, and any revenues derived by the corporation from any other source shall be used solely for the expenses of the center, including payment on debt; the cost of management and operation of its facilities; the creation of an adequate reserve for repair, replacement, debt service, and capital improvements; the procurement of insurance; and promotional activities.
(2) The Auditor of Public Accounts shall conduct an annual audit of all funds of the corporation and its affiliated entities, if any, and report annually to the Governor and the Legislative Research Commission.
Effective: June 21, 2001
History: Created 2001 Ky. Acts ch. 27, sec. 6, effective June 21, 2001.
(2) The Auditor of Public Accounts shall conduct an annual audit of all funds of the corporation and its affiliated entities, if any, and report annually to the Governor and the Legislative Research Commission.
Terms Used In Kentucky Statutes 154.40-060
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
Effective: June 21, 2001
History: Created 2001 Ky. Acts ch. 27, sec. 6, effective June 21, 2001.