2014 Kentucky Revised Statutes CHAPTER 230 - HORSE RACING AND SHOWING 230.218 Backside improvement fund -- Purpose -- Jurisdiction of Racing Commission.
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230.218 Backside improvement fund -- Purpose -- Jurisdiction of Racing
Commission.
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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.
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