Kentucky Statutes 248.703 – Allocation of moneys received in tobacco settlement agreement fund from Master Settlement Agreement
Current as of: 2024 | Check for updates
|
Other versions
(1) Fifty percent (50%) of the moneys received in the tobacco settlement agreement fund from Master Settlement Agreement funding after June 30, 2000, along with accrued interest, shall be allocated within twenty (20) days of receipt of the moneys to the agricultural development fund created in KRS § 248.655. The moneys received in the fund, along with the accrued interest, shall be further allocated as follows:
(a) Thirty-five percent (35%) to the counties account; and
(b) Sixty-five percent (65%) for other projects throughout the state.
(2) The allocation within the counties account in the agricultural development fund for each county shall be assured for use in each county and shall be based on the following weighted factors:
(a) Fifty percent (50%) weight to the county’s percentage of the state’s tobacco allotment based on 1999 data;
(b) Twenty-five percent (25%) weight to the county’s number of farms with tobacco quotas in the county as a percentage of farms with tobacco quotas statewide, based on 1999 data; and
(c) Twenty-five percent (25%) weight to the economic impact index for each county which shall be calculated in the following manner:
1. The tobacco income for each county (1997 burley tobacco production times average burley market price) divided by the total personal income for each county. The data used shall reflect the year most recently available for total personal income.
2. The percentage derived in subparagraph 1. of this paragraph (tobacco income as a percentage of total personal income for each county) shall then be summed across all counties.
3. The economic impact index amount shall be each county’s tobacco income as a percentage of total personal income, divided by the aggregate percentage stated in subparagraph 2. of this paragraph.
(3) When a county’s allocation is exhausted, applicants from that county may apply for funds from the other sixty-five percent (65%) of the moneys in the agricultural development fund. Failure by a county to exhaust its county allocation shall not preclude the county from receiving the benefits of a proposal approved by the board from state funds.
(4) Any funds directly appropriated by the General Assembly shall be assessed against the percentage of funds allocated to the state portion of the agricultural development fund.
(5) Interest earned on any moneys in any fund or account created in KRS § 248.701 to
248.727 shall accrue to that fund or account until transferred to another fund or account created or referenced in KRS § 248.701 to KRS § 248.727.
(6) None of the moneys left at the end of a fiscal year in any fund or account created or referenced in KRS § 248.701 to KRS § 248.727 shall lapse, but shall stay with the fund or account as long as the fund or account exists, or until the moneys are transferred to
another fund or account created or referenced in KRS § 248.701 to KRS § 248.727. In the case of any fund or account created in KRS § 248.701 to KRS § 248.727 that is terminated with a remaining balance, the balance shall remain in the agricultural development fund.
Effective: March 20, 2005
History: Amended 2005 Ky. Acts ch. 173, Pt. XXII, sec. 2, effective March 20, 2005. –
– Created 2000 Ky. Acts ch. 530, sec. 2, effective April 26, 2000.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 18, (1) at 1643.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 21, (5) at 1645.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 21, (6) at 1646.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, F, 7, (2) at 1669.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. X, (5) at 1759.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. X, A at 1760.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. X, B at 1760.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. X, C at 1760.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. X, C, 1, (2) at 1760.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. X, C, 1, (3) at 1760.
(a) Thirty-five percent (35%) to the counties account; and
Terms Used In Kentucky Statutes 248.703
- 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
- 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.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- 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
(b) Sixty-five percent (65%) for other projects throughout the state.
(2) The allocation within the counties account in the agricultural development fund for each county shall be assured for use in each county and shall be based on the following weighted factors:
(a) Fifty percent (50%) weight to the county’s percentage of the state’s tobacco allotment based on 1999 data;
(b) Twenty-five percent (25%) weight to the county’s number of farms with tobacco quotas in the county as a percentage of farms with tobacco quotas statewide, based on 1999 data; and
(c) Twenty-five percent (25%) weight to the economic impact index for each county which shall be calculated in the following manner:
1. The tobacco income for each county (1997 burley tobacco production times average burley market price) divided by the total personal income for each county. The data used shall reflect the year most recently available for total personal income.
2. The percentage derived in subparagraph 1. of this paragraph (tobacco income as a percentage of total personal income for each county) shall then be summed across all counties.
3. The economic impact index amount shall be each county’s tobacco income as a percentage of total personal income, divided by the aggregate percentage stated in subparagraph 2. of this paragraph.
(3) When a county’s allocation is exhausted, applicants from that county may apply for funds from the other sixty-five percent (65%) of the moneys in the agricultural development fund. Failure by a county to exhaust its county allocation shall not preclude the county from receiving the benefits of a proposal approved by the board from state funds.
(4) Any funds directly appropriated by the General Assembly shall be assessed against the percentage of funds allocated to the state portion of the agricultural development fund.
(5) Interest earned on any moneys in any fund or account created in KRS § 248.701 to
248.727 shall accrue to that fund or account until transferred to another fund or account created or referenced in KRS § 248.701 to KRS § 248.727.
(6) None of the moneys left at the end of a fiscal year in any fund or account created or referenced in KRS § 248.701 to KRS § 248.727 shall lapse, but shall stay with the fund or account as long as the fund or account exists, or until the moneys are transferred to
another fund or account created or referenced in KRS § 248.701 to KRS § 248.727. In the case of any fund or account created in KRS § 248.701 to KRS § 248.727 that is terminated with a remaining balance, the balance shall remain in the agricultural development fund.
Effective: March 20, 2005
History: Amended 2005 Ky. Acts ch. 173, Pt. XXII, sec. 2, effective March 20, 2005. –
– Created 2000 Ky. Acts ch. 530, sec. 2, effective April 26, 2000.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 18, (1) at 1643.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 21, (5) at 1645.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 21, (6) at 1646.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, F, 7, (2) at 1669.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. X, (5) at 1759.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. X, A at 1760.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. X, B at 1760.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. X, C at 1760.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. X, C, 1, (2) at 1760.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. X, C, 1, (3) at 1760.