Download as PDF
230.218 Backside improvement fund -- Purpose -- Jurisdiction of Racing
Commission.
(1)
(2)
(3)
There is established, under the jurisdiction of the Kentucky Horse Racing
Commission, the backside improvement fund. This revolving fund shall consist of
money allocated to the fund under the provisions of KRS 230.3615, together with
any other money which may be contributed to or allocated to the fund from all other
sources. Money to the credit of the backside improvement fund at the end of each
fiscal year shall not lapse but shall be carried forward in the fund to the succeeding
fiscal year. The Kentucky Horse Racing Commission may invest any and all funds
received by the fund and interest earned by the investment of said funds in types of
investments appropriate to the investment needs of the fund after having considered
the financial return on authorized investment alternatives, the financial safety of
investment alternatives and the impact of any authorized investments on the state's
economy. The racing commission shall review the status of the fund investments
quarterly and report its findings to the Finance and Administration Cabinet and the
Legislative Research Commission.
The purpose of the fund shall be to improve the backside of Thoroughbred racing
associations averaging one million two hundred thousand dollars ($1,200,000) or
less pari-mutuel handle per racing day on live racing. The Kentucky Horse Racing
Commission shall use the backside improvement fund to promote, enhance, and
improve the conditions of the backside of eligible racing associations. Conditions
considered shall include but not be limited to the living and working quarters of
backside employees.
The Kentucky Horse Racing Commission shall promulgate administrative
regulations as may be necessary to carry out the provisions and purposes of this
section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 445, effective July 15, 2010. -- Amended
2004 Ky. Acts ch. 191, sec. 41, effective July 13, 2004. -- Amended 1994 Ky. Acts
ch. 486, sec. 32, effective July 15, 1994. – Amended 1992 Ky. Acts ch. 109, sec. 13,
effective March 30, 1992. -- Amended 1982 Ky. Acts ch. 433, sec. 1, effective July
15, 1982. -- Created 1980 Ky. Acts ch. 343, sec. 2, effective July 15, 1980.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
