There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 262 SOIL AND WATER CONSERVATION
262.920 Agricultural Enhancement Fund.
Download pdfdeposited in the fund:
1. Moneys received by the Commonwealth, from whatever source and by
whatever means, as gifts for purposes of retaining agricultural lands and
supporting and abetting agricultural practices and activities which shall
improve conservation and natural resource protection practices, enhance
the viability of the agriculture industry, and expand the economic
contribution that agriculture makes to the Commonwealth; 2. Moneys received by the Commonwealth, from whatever source and by
whatever means, as grants or loans for purposes of retaining agricultural
lands and supporting and abetting agricultural practices and activities
which shall improve conservation and natural resource protection
practices, enhance the viability of the agriculture industry, and expand
the economic contribution that agriculture makes to the Commonwealth; 3. Moneys received by the Commonwealth including proceeds of bonds
issued for the purpose of funding the PACE Program as dedicated
sources of revenue for the fund; and 4. Moneys appropriated to the fund. (b) The fund shall be in the custody of the Commonwealth. All or any part of these funds may be invested in any securities in which public funds may
lawfully be invested. All income derived from investments shall be paid into
the fund and become a part thereof. The moneys so invested shall at all times
be subject to withdrawal from investment for use as provided in this
subsection. (c) Upon authorization of the PACE board, the moneys in the fund may be used for:
1. The acquisition of agricultural conservation easements on eligible lands
within the Commonwealth; 2. The acquisition of options to purchase agricultural conservation
easements on eligible lands within the Commonwealth; 3. The costs of appraisal, engineering, surveying, planning, financial, legal,
and other services, and applicable personnel costs lawfully incurred
incident to the acquisition of agricultural conservation easements in
eligible lands and for monitoring and enforcing easements on restricted
lands; 4. The costs incident to the sale, issuance, and delivery of bonds, and to
securing funds from other revenue sources for the fund; 5. The provision of guarantees for loans that farmers participating in the
PACE Program may need to seek from lending institutions in order to
carry out agricultural operations, including loans for annual agricultural
production, agriculture- and conservation-related improvements, and Page 2 of 2 changes in the types of and methods employed for agricultural
production on farmland tracts enrolled in the PACE Program; and 6. Other expenditures as specified by the PACE board, providing that the
expenditures are consistent with KRS 262.900 to 262.920 and
administrative regulations promulgated by the PACE board and are for
the express purpose of retaining agricultural lands, supporting and
abetting agricultural lands, and supporting and abetting agricultural
practices and activities which shall improve conservation and natural
resource protection practices, enhance the viability of the agriculture
industry, and expand the economic contribution that agriculture makes
to the Commonwealth. (d) No more than ten percent (10%) of the moneys in the fund shall be expended in any one (1) fiscal year to administer KRS 262.900 to 262.920. Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 390, sec. 29, effective July 15, 1994.
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