2013 Kentucky Revised Statutes CHAPTER 247 - PROMOTION OF AGRICULTURE AND HORTICULTURE 247.190 Revenues of fair board, use and disposition of -- Deposit of funds -- Accounting and report.
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247.190 Revenues of fair board, use and disposition of -- Deposit of funds -Accounting and report.
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All revenues derived by the State Fair Board from the use of properties and
facilities under its custody and control shall be used exclusively for the purpose
of defraying the expenses of the board, the cost of the management and
operation of such properties and facilities, the payment of interest and principal
upon any indebtedness incurred by the board for such properties and facilities,
the creation of adequate reserves for the repair and replacement thereof, and
for the financing of further extensions, improvements, and additions thereto.
Included in the cost of operation may be such promotional activities as the
State Fair Board may determine upon as calculated to stimulate and increase
the use and the revenues of such facilities, and to increase and stimulate the
interest and usefulness of the State Fair. Any surplus revenues remaining after
full provision for the above purposes shall be used to reduce the admission
fees and charges to the public for attendance upon the State Fair and for public
use by the citizens of the Commonwealth of the facilities of the State Fair
Board, and shall on no account be appropriated to any other agency or
function.
The State Fair Board shall generally cause its funds to be deposited in the
State Treasurer's office, to be withdrawn on appropriate vouchers approved by
the board, but may create special accounts in other depositories for the
purpose of securing the prompt payment of interest and principal on any of its
bonded indebtedness if in the judgment of the board, or, if as determined by
competitive bids, the creation of such special accounts and depositories is
advantageous and economical to the board.
An annual accounting of the funds of the state fair board shall be made by the
Auditor of Public Accounts and reported to the Governor for the benefit of
Governor and the General Assembly.
History: Amended 1950 Ky. Acts ch. 217, sec. 5. -- Recodified 1942 Ky. Acts
ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4618j-4.
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