148.320 Use of revenues -- Deposit of funds -- Accounts and reports -- Emergency

315 words·~1 min read·/ky/148-320

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

for purchasing purposes.

(a)All revenues derived by the commission from the use of properties and

facilities under its custody and control shall be used exclusively for the

purpose of defraying the expenses of the commission, the cost of the

management and operation of such properties and facilities, the payment of

interest and principal upon any indebtedness incurred by the commission for

such properties and facilities, the creation of adequate reserves for the repair

and replacement thereof and for the financing of further extensions,

improvements, and additions thereto. Included in the cost of operation may be

such promotional activities as the commission may determine upon as

calculated to stimulate and increase the use and the revenues of such facilities,

and to increase and stimulate the interest and usefulness of the Kentucky

Horse Park.

(b)Any surplus revenues remaining after full provision for the purposes in

paragraph

(a)of this subsection shall:

1. Be used to reduce the admission fees to the public for admittance to the

Kentucky Horse Park and for public use by the citizens of the

Commonwealth of the facilities, or reduce the annual appropriation by

the General Assembly to the Kentucky Horse Park; and

2. Not be appropriated to any other agency or function.

(2)The commission shall generally cause its funds to be deposited in the State

Treasurer's office to be withdrawn on appropriate vouchers approved by the

commission.

(3)An annual accounting of the funds of the commission shall be made by the Auditor

of Public Accounts and reported to the Governor for the benefit of the Governor

and the General Assembly.

(4)The commission may receive tax revenues from any governmental unit and

financial contributions from local governments, private persons, or foundations.

(5)The president of the Kentucky Horse Park may, in lieu of the secretary of the

Finance and Administration Cabinet, declare an emergency for purchasing

purposes.