Kentucky Statutes 350.500 – Definitions for KRS 350.500 to 350.521
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As used in KRS § 350.500 to KRS § 350.521, unless the context otherwise requires:
(1) “Actuarial soundness” means the fund has achieved financial positioning such that the collected revenues, including bond forfeiture amounts, and earned investment income in aggregate are sufficient to build reserves that can be reasonably anticipated to provide for the long-term future expected reclamation losses, including shock or catastrophic losses, loss adjustment expenses, and administrative expenses associated with the fund’s operation;
(2) “Date of establishment of the fund” means July 1, 2013;
(3) “Kentucky reclamation guaranty fund” or “the fund” means the fund established in
KRS § 350.503;
(4) “Reclamation Guaranty Fund Commission” or “commission” means the commission established in KRS § 350.506; and
(5) “Voluntary bond pool fund” means that bond pool fund established in KRS § 350.700 to KRS § 350.755, which are repealed by 2013 Ky. Acts ch. 78, sec. 12.
Effective: March 22, 2013
History: Created 2013 Ky. Acts ch. 78, sec. 1, effective March 22, 2013.
(1) “Actuarial soundness” means the fund has achieved financial positioning such that the collected revenues, including bond forfeiture amounts, and earned investment income in aggregate are sufficient to build reserves that can be reasonably anticipated to provide for the long-term future expected reclamation losses, including shock or catastrophic losses, loss adjustment expenses, and administrative expenses associated with the fund’s operation;
Terms Used In Kentucky Statutes 350.500
- Reclamation: means the reconditioning of the area affected by surface coal mining operations under a plan approved by the cabinet. See Kentucky Statutes 350.010
(2) “Date of establishment of the fund” means July 1, 2013;
(3) “Kentucky reclamation guaranty fund” or “the fund” means the fund established in
KRS § 350.503;
(4) “Reclamation Guaranty Fund Commission” or “commission” means the commission established in KRS § 350.506; and
(5) “Voluntary bond pool fund” means that bond pool fund established in KRS § 350.700 to KRS § 350.755, which are repealed by 2013 Ky. Acts ch. 78, sec. 12.
Effective: March 22, 2013
History: Created 2013 Ky. Acts ch. 78, sec. 1, effective March 22, 2013.