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350.503 Kentucky reclamation guaranty fund.
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There is hereby established a revolving fund to be known as the "Kentucky
reclamation guaranty fund," which shall be administratively assigned to the cabinet
and which shall be administered in accordance with the terms of KRS 350.500 to
350.521.
The fund shall consist of all moneys collected pursuant to KRS 350.515 and
350.518.
Moneys collected pursuant to subsection (2) of this section shall not be utilized for
the reclamation of permits forfeited prior to January 1, 2014, except for obligations
as may arise from the forfeiture of bonds prior to that date secured by the voluntary
bond pool.
Moneys in the fund shall be held in an interest-bearing account and shall be used as
follows and for no other purposes:
(a) To reclaim, in the event of forfeiture, permit areas or increments thereof,
covered by the fund;
(b) To compensate the cabinet for costs of administering the fund;
(c) To fund audits and actuarial studies required under KRS 350.509; and
(d) To cover all operating expenses and any necessary legal expenses of the
Reclamation Guaranty Fund Commission.
Moneys in the fund shall not be utilized for long-term treatment of substandard
water discharges and subsidence.
Notwithstanding KRS 45.229, any moneys remaining in the fund at the close of a
fiscal year shall not lapse, but shall be carried forward into the succeeding fiscal
year for use as provided in this section.
The fund shall be exempt from the requirements applicable to insurers under KRS
Chapter 304.
Effective: March 22, 2013
History: Created 2013 Ky. Acts ch. 78, sec. 2, effective March 22, 2013.
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