230.407 Kentucky quarter horse purse fund -- Contributions -- Purposes --
415 words·~2 min read·
/ky/230-407A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Distribution.
(1)The Kentucky quarter horse purse fund is created as a corporate fund to be
administered by the Kentucky Horse Racing and Gaming Corporation and shall
consist of moneys allocated to the fund under KRS 230.3771 together with any
other moneys contributed to or allocated to the fund from all other sources. For the
purposes of this section, "purse fund" or "fund" means the Kentucky quarter horse
purse fund.
(2)Notwithstanding KRS 45.229, money to the credit of the fund at the end of the
fiscal year shall not lapse but shall be carried forward in the fund to the succeeding
fiscal year. Interest earnings of the fund shall become a part of the fund and shall
not lapse.
(3)The Kentucky Horse Racing and Gaming Corporation shall use at least ninety
percent (90%) of the purse fund to promote quarter horse racing and to provide
purses for quarter horse races conducted in the Commonwealth as follows:
(a)The Kentucky Horse Racing and Gaming Corporation shall provide for
distribution of money from the fund to persons, corporations, or associations
operating licensed tracks within the Commonwealth conducting quarter horse
racing;
(b)At least ninety percent (90%) of the moneys from the fund shall be allocated
to each licensed association located in the Commonwealth in proportion to the
amount each association contributed to the fund; and
(c)The Kentucky Horse Racing and Gaming Corporation shall consult with the
Kentucky Quarter Horse Racing Association or its successor to designate the
races and the amount of purse money to be provided for designated quarter
horse races.
(4)The Kentucky Horse Racing and Gaming Corporation may use up to ten percent
(10%) of the purse fund for administration and operation of the corporation.
(5)The Kentucky Horse Racing and Gaming Corporation:
(a)Shall fix the dates and conditions of quarter horse races to be held by licensed
tracks;
(b)Shall fix the amount of money to be paid from the fund to be added to the
purse provided for each quarter horse race by the licensed operator of the
track; and
(c)May promulgate administrative regulations in accordance with KRS Chapter
13A to carry out the provisions of this section.
(6)The Kentucky Horse Racing and Gaming Corporation shall carry out the provisions
of this section and administer the purse fund in a manner designed to promote and
aid in the development of the quarter horse industry in Kentucky and upgrade the
quality of quarter horse racing in Kentucky.