183.525 Kentucky aviation economic development fund -- Sources and distribution
235 words·~1 min read·
/ky/183-525A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
of fund moneys -- Use of fund moneys -- Report.
(1)The Kentucky aviation economic development fund is established in the State
Treasury. Beginning on July 1, 2000, all receipts collected under KRS Chapter 139
from the sales or use tax on aviation jet fuel shall be deposited in this fund.
(2)The fund may also receive state appropriations, gifts, grants, and federal funds and
shall include earnings from investments of moneys from the fund.
(3)Any fund balance at the close of the fiscal year shall not lapse but shall be carried
forward to the next fiscal year.
(4)The cabinet shall use all moneys deposited in the fund or accruing to the fund for
the development, rehabilitation, and maintenance of publicly owned or operated
aviation facilities and for other aviation programs within the Commonwealth that
will benefit publicly owned or operated aviation facilities.
(5)The cabinet shall be prohibited from expending moneys deposited in the fund for
administrative costs incurred by the cabinet or for any purpose other than the
development, rehabilitation, and maintenance of publicly owned or operated
aviation facilities and other aviation programs benefiting publicly owned or
operated aviation facilities.
(6)The cabinet shall, no later than October 1 of each year, submit a report on the use of
funds in the Kentucky aviation economic development fund for the previous fiscal
year to the General Assembly through the Legislative Research Commission.