174.210 Riverport financial assistance trust fund -- Contributions -- Purpose --

332 words·~2 min read·/ky/174-210

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

Grants -- Annual report.

(1)There is created a riverport financial assistance trust fund, to be administered by the

Transportation Cabinet.

(2)The riverport financial assistance trust fund may receive appropriations, federal

funds, contributions, gifts, and donations.

(3)The purpose of the riverport financial assistance trust fund shall be to improve

riverport facilities and infrastructure, to capture the economic and trade potential

offered by water transportation. To the extent funds are available, the fund shall

make grants to riverport authorities for new construction and major replacement or

repair projects, including but not limited to improvement of docks, wharves,

equipment, port buildings, storage facilities, roads and railroads to facilitate the

flow of commerce through the port, other on-site improvements, and related

professional services. Eligible projects shall not include routine operations,

maintenance, or repair activities.

(4)Notwithstanding KRS 45.229, moneys remaining in the fund at the close of a fiscal

year shall not lapse but shall carry forward into the succeeding fiscal year. Interest

earned on any moneys in the fund shall accrue to the fund. Amounts from the fund

shall be disbursed and expended in accordance with this section.

(5)To be eligible for a grant under this section, the applicant shall provide at least a

twenty percent (20%) match, which may be obtained from any public or private

source.

(a)Grant applications shall be reviewed and awarded annually.

(b)The Transportation Cabinet shall submit all applications to the Water

Transportation Advisory Board established by KRS 174.200 for evaluation

and recommendations prior to awarding any grant funding under this section.

(c)Priority shall be given to applicants with a riverport master plan, for capital-

intensive projects for which permits have been obtained, and for projects for

which matching funds have been obtained.

(7)The Transportation Cabinet shall submit on an annual basis a report detailing all

grants awarded under this section to the Water Transportation Advisory Board, the

Interim Joint Committee on Transportation, and the Interim Joint Committee on

Appropriations and Revenue.