2006 Kentucky Revised Statutes - .775   Termination of Commonwealth participation -- Repayment.

152.775 Termination of Commonwealth participation -- Repayment. The General Assembly recognizes that although the purpose of KRS 152.750 to 152.785 is to promote and encourage the development and demonstration of commercially feasible and environmentally acceptable technologies, techniques, and processes, state funds shall not be used directly to assist private industry in production for profit. Therefore, the Commonwealth shall not provide further support of or participation in any project if and when the environmentally acceptable output of the project can be sold or otherwise used to yield a profit to the project. In such event, or in the event of abandonment or termination of a project, the secretary of the Finance and Administration Cabinet shall negotiate terms and conditions in an agreement or contract of participation which: (a)  Shall provide for the repayment to the Commonwealth of all funds held and moneys realized from the sale or liquidation of the assets of the joint demonstration project in the same proportion as the Commonwealth's share in the total of funds, property, or other assets expended, contributed, or invested in the project; and (b)  May provide for the preemptive right of any or all of the other participants in the project to purchase the Commonwealth's share of any assets, lands, or property rights acquired or constructed by the joint participants. Effective: June 17, 1978 History: Amended 1978 Ky. Acts ch. 155, sec. 41, effective June 17, 1978. -- Created 1974 Ky. Acts ch. 78, sec. 6.