2016 Kentucky Revised Statutes CHAPTER 154 - DEVELOPMENT Subchapter 50 - Industrial Development 154.50-030 Expenditure of funds to industrial entities.
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154.50-030 Expenditure of funds to industrial entities.
(1)
(2)
(3)
In carrying out the purposes of KRS 154.50-020 to 154.50-030, and in providing for
the expenditure of funds to industrial entities to assist in the implementation of an
industrial improvement project, the cabinet may find that the cost may be paid in
whole or in part out of funds directly appropriated to the responsible state agency
for that purpose or by any other method approved by the Governor and the General
Assembly.
In carrying out the purposes of KRS 154.50-020 to 154.50-030, and in providing for
the expenditure of funds to industrial entities which are appropriated by the General
Assembly to assist in the implementation of an industrial improvement project, the
cabinet may determine the amount of monetary assistance to be provided by
reference to any formula or other objective standard which is based on target levels
of employment, projected interest rates or other financing costs, projected levels of
investment by the industrial entity or any other objective criteria deemed
appropriate by the cabinet under the circumstances.
(a) In carrying out the purposes of KRS 154.50-020 to 154.50-030, the
expenditure of funds to industrial entities to assist in the implementation of an
industrial improvement project may only be made if:
1.
There is a finding by the cabinet, that, based upon reasonable
investigation, the industrial improvement project cannot be funded out
of existing appropriations and is in the best interest of the
Commonwealth because it is reasonably expected to result in the
creation or retention in whole or in part of employment opportunities or
of tax revenues;
2.
The industrial improvement project is separately approved in writing by
the Governor;
3.
The industrial improvement project is separately approved by the
General Assembly; and
4.
There is an agreement in writing by the subject industrial entity to
engage in the industrial improvement project setting forth the basis upon
which the amount of monetary assistance provided pursuant to KRS
154.50-020 to 154.50-030 is determined.
(b) It is hereby determined and declared as a legislative finding of fact that the
provisions and requirements of paragraph (a) of this subsection provide for the
receipt by the Commonwealth of fair market value for any monetary
assistance provided pursuant to KRS 154.50-020 to 154.50-030.
Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 306, sec. 3, effective July 13, 1990
Formerly codified as KRS 154.780
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