Kentucky Statutes 230.817 – Sports wagering administration fund — Purposes and uses
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(1) (a) There is hereby established in the State Treasury a restricted account to be known as the sports wagering administration fund. The fund shall consist of moneys received from the moneys collected under KRS § 138.552, 230.811, and 230.814 and state appropriations.
(b) 1. The amounts deposited in the fund shall be used as follows:
a. For administrative expenses relating to or associated with the purposes of sports wagering which shall be disbursed by the Finance and Administration Cabinet upon the warrant of the Public Protection Cabinet; and
b. Two and one-half percent (2.5%) of the funds shall be deposited in the Kentucky problem gambling assistance account established in KRS § 230.826.
2. The remaining funds shall be deposited in the Kentucky permanent pension fund established in KRS § 42.205.
3. Any interest accruing to the fund shall become a part of the fund and shall not lapse.
(2) Notwithstanding KRS § 45.229, fund amounts not expended at the close of a fiscal year shall not lapse but shall be carried forward into the next fiscal year.
(3) Moneys deposited in the fund are hereby appropriated for the purposes set forth in this section and shall not be appropriated or transferred by the General Assembly for any other purposes.
Effective: June 29, 2023
History: Created 2023 Ky. Acts ch. 147, sec. 1, effective June 29, 2023.
(b) 1. The amounts deposited in the fund shall be used as follows:
Terms Used In Kentucky Statutes 230.817
- 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.
- Sports wagering: means the wagering conducted under this chapter on sporting events or portions of sporting events, or on the individual performance statistics of athletes in a sporting event or combination of sporting events, in conformance with federal law and as authorized by the racing commission pursuant to this chapter. See Kentucky Statutes 230.210
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
a. For administrative expenses relating to or associated with the purposes of sports wagering which shall be disbursed by the Finance and Administration Cabinet upon the warrant of the Public Protection Cabinet; and
b. Two and one-half percent (2.5%) of the funds shall be deposited in the Kentucky problem gambling assistance account established in KRS § 230.826.
2. The remaining funds shall be deposited in the Kentucky permanent pension fund established in KRS § 42.205.
3. Any interest accruing to the fund shall become a part of the fund and shall not lapse.
(2) Notwithstanding KRS § 45.229, fund amounts not expended at the close of a fiscal year shall not lapse but shall be carried forward into the next fiscal year.
(3) Moneys deposited in the fund are hereby appropriated for the purposes set forth in this section and shall not be appropriated or transferred by the General Assembly for any other purposes.
Effective: June 29, 2023
History: Created 2023 Ky. Acts ch. 147, sec. 1, effective June 29, 2023.