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262.920 Agricultural Enhancement Fund.
(1)
(a)
(b)
(c)
There is hereby created by this section a special fund in the State
Treasury which shall be known as the "Agricultural Enhancement Fund."
There shall be deposited in the fund:
1.
Moneys received by the Commonwealth, from whatever source and
by whatever means, as gifts for purposes of retaining agricultural
lands and supporting and abetting agricultural practices and
activities which shall improve conservation and natural resource
protection practices, enhance the viability of the agriculture industry,
and expand the economic contribution that agriculture makes to the
Commonwealth;
2.
Moneys received by the Commonwealth, from whatever source and
by whatever means, as grants or loans for purposes of retaining
agricultural lands and supporting and abetting agricultural practices
and activities which shall improve conservation and natural resource
protection practices, enhance the viability of the agriculture industry,
and expand the economic contribution that agriculture makes to the
Commonwealth;
3.
Moneys received by the Commonwealth including proceeds of
bonds issued for the purpose of funding the PACE Program as
dedicated sources of revenue for the fund; and
4.
Moneys appropriated to the fund.
The fund shall be in the custody of the Commonwealth. All or any part of
these funds may be invested in any securities in which public funds may
lawfully be invested. All income derived from investments shall be paid
into the fund and become a part thereof. The moneys so invested shall at
all times be subject to withdrawal from investment for use as provided in
this subsection.
Upon authorization of the PACE board, the moneys in the fund may be
used for:
1.
The acquisition of agricultural conservation easements on eligible
lands within the Commonwealth;
2.
The acquisition of options to purchase agricultural conservation
easements on eligible lands within the Commonwealth;
3.
The costs of appraisal, engineering, surveying, planning, financial,
legal, and other services, and applicable personnel costs lawfully
incurred incident to the acquisition of agricultural conservation
easements in eligible lands and for monitoring and enforcing
easements on restricted lands;
4.
The costs incident to the sale, issuance, and delivery of bonds, and
to securing funds from other revenue sources for the fund;
5.
The provision of guarantees for loans that farmers participating in
the PACE Program may need to seek from lending institutions in
order to carry out agricultural operations, including loans for annual
agricultural production, agriculture- and conservation-related
improvements, and changes in the types of and methods employed
(d)
for agricultural production on farmland tracts enrolled in the PACE
Program; and
6.
Other expenditures as specified by the PACE board, providing that
the expenditures are consistent with KRS 262.900 to 262.920 and
administrative regulations promulgated by the PACE board and are
for the express purpose of retaining agricultural lands, supporting
and abetting agricultural lands, and supporting and abetting
agricultural practices and activities which shall improve conservation
and natural resource protection practices, enhance the viability of
the agriculture industry, and expand the economic contribution that
agriculture makes to the Commonwealth.
No more than ten percent (10%) of the moneys in the fund shall be
expended in any one (1) fiscal year to administer KRS 262.900 to
262.920.
Effective:July 15, 1994
History: Created 1994 Ky. Acts ch. 390, sec. 29, effective July 15, 1994.
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