Kentucky Statutes 42.453 – Kentucky Coal Fields Endowment Authority — Creation — Role and duties — Project eligibility criteria — Appropriation — Tax exemption
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(1) The Kentucky Coal Fields Endowment Authority is hereby created as a public corporation, governmental agency, and instrumentality of the Commonwealth, with the perpetual succession and with power in that name to:
(a) Contract and be contracted with; (b) Acquire and convey property;
(c) Sue and be sued;
(d) Have and use a corporate seal; (e) Adopt bylaws;
(f) Invest moneys; and
(g) Exercise, in addition to the powers and functions specifically stated in this section and KRS § 42.454, all of the usual powers of private corporations to the extent that the same are not inconsistent with specifically enumerated powers or limitations upon public corporations.
(2) (a) It shall be the role and duty of the authority to support through funding efforts to diversify the economy of the coal fields within Kentucky.
(b) Projects that may be funded shall be nonrecurring investments in:
1. Economic development;
2. Public infrastructure, water, and wastewater;
3. Public health and safety; and
4. Information technology development and access.
(c) Projects shall be selected based on economic impact, job creation, workforce development, community benefit, available partnerships, project readiness, and the ability for a project to be self-sustaining.
(3) Seven million five hundred thousand dollars ($7,500,000) of the severance and processing taxes on coal collected annually shall be transferred from the general fund to the Kentucky Coal Fields Endowment Authority established in this section. The transfers shall be made in quarterly amounts of one million eight hundred seventy-five thousand dollars ($1,875,000) at the same time as the transfers to the local government economic development fund.
(4) Moneys transferred to the authority 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 purpose. State moneys appropriated that are not spent at the end of the fiscal year shall not lapse.
(5) All property and income of the Kentucky Coal Fields Endowment Authority shall be exempt from all taxes and assessment of any nature.
Effective: June 29, 2017
History: Created 2017 Ky. Acts ch. 164, sec. 1, effective June 29, 2017.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (1) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (2) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (4) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (5) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (6) at 1641.
Legislative Research Commission Note (6/29/2017). The Reviser of Statutes has altered the numbering of subsection (2) of this statute from the way it appeared in 2017 Ky. Acts ch. 164, sec. 1, under the authority of KRS § 7.136(1)(c).
(a) Contract and be contracted with; (b) Acquire and convey property;
Terms Used In Kentucky Statutes 42.453
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
(c) Sue and be sued;
(d) Have and use a corporate seal; (e) Adopt bylaws;
(f) Invest moneys; and
(g) Exercise, in addition to the powers and functions specifically stated in this section and KRS § 42.454, all of the usual powers of private corporations to the extent that the same are not inconsistent with specifically enumerated powers or limitations upon public corporations.
(2) (a) It shall be the role and duty of the authority to support through funding efforts to diversify the economy of the coal fields within Kentucky.
(b) Projects that may be funded shall be nonrecurring investments in:
1. Economic development;
2. Public infrastructure, water, and wastewater;
3. Public health and safety; and
4. Information technology development and access.
(c) Projects shall be selected based on economic impact, job creation, workforce development, community benefit, available partnerships, project readiness, and the ability for a project to be self-sustaining.
(3) Seven million five hundred thousand dollars ($7,500,000) of the severance and processing taxes on coal collected annually shall be transferred from the general fund to the Kentucky Coal Fields Endowment Authority established in this section. The transfers shall be made in quarterly amounts of one million eight hundred seventy-five thousand dollars ($1,875,000) at the same time as the transfers to the local government economic development fund.
(4) Moneys transferred to the authority 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 purpose. State moneys appropriated that are not spent at the end of the fiscal year shall not lapse.
(5) All property and income of the Kentucky Coal Fields Endowment Authority shall be exempt from all taxes and assessment of any nature.
Effective: June 29, 2017
History: Created 2017 Ky. Acts ch. 164, sec. 1, effective June 29, 2017.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (1) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (2) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (4) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (5) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (6) at 1641.
Legislative Research Commission Note (6/29/2017). The Reviser of Statutes has altered the numbering of subsection (2) of this statute from the way it appeared in 2017 Ky. Acts ch. 164, sec. 1, under the authority of KRS § 7.136(1)(c).