230.218 Backside improvement fund -- Purpose -- Jurisdiction of racing and

286 words·~1 min read·/ky/230-218

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gaming corporation.

(1)There is established, under the jurisdiction of the Kentucky Horse Racing and

Gaming Corporation, the backside improvement fund. This revolving fund shall

consist of money allocated to the fund under the provisions of KRS 230.3615,

together with any other money which may be contributed to or allocated to the fund

from all other sources. Money to the credit of the backside improvement fund at the

end of each fiscal year shall not lapse but shall be carried forward in the fund to the

succeeding fiscal year. The Kentucky Horse Racing and Gaming Corporation may

invest any and all funds received by the fund and interest earned by the investment

of said funds in types of investments appropriate to the investment needs of the

fund after having considered the financial return on authorized investment

alternatives, the financial safety of investment alternatives and the impact of any

authorized investments on the state's economy. The corporation shall review the

status of the fund investments quarterly and report its findings to the Finance and

Administration Cabinet and the Legislative Research Commission.

(2)The purpose of the fund shall be to improve the backside of Thoroughbred racing

associations averaging one million two hundred thousand dollars ($1,200,000) or

less pari-mutuel handle per racing day on live racing. The Kentucky Horse Racing

and Gaming Corporation shall use the backside improvement fund to promote,

enhance, and improve the conditions of the backside of eligible racing associations.

Conditions considered shall include but not be limited to the living and working

quarters of backside employees.

(3)The Kentucky Horse Racing and Gaming Corporation may promulgate

administrative regulations in accordance with KRS Chapter 13A to carry out the

provisions and purposes of this section.