230.817 Sports wagering administration fund -- Purposes and uses -- Quarterly

276 words·~1 min read·/ky/230-817

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

reports.

(a)There is hereby established in the State Treasury a restricted account to be

known as the sports wagering administration fund. The fund shall consist of

moneys received from the moneys collected under KRS 138.552, 230.811,

and 230.814 and state appropriations.

(b)1. The amounts deposited in the fund shall be used as follows:

a. Ten percent (10%) of the receipts shall be distributed to the

Kentucky Horse Racing and Gaming Corporation for the

administration and operation of the corporation. The corporation

shall prepare and submit a quarterly report to the Legislative

Research Commission for referral to the Interim Joint Committee

on Licensing, Occupations, and Administrative Regulations or to

the Senate Standing Committee on Licensing and Occupations and

the House Standing Committee on Licensing, Occupations, and

Administrative Regulations, as appropriate, which includes the

amounts received as well as the expenditures against those funds.

This information shall also be included in the corporation's annual

report required by KRS 230.225; and

b. Two and one-half percent (2.5%) of the funds shall be deposited in

the Kentucky problem gambling assistance account established in

KRS 230.826.

2. The remaining funds shall be deposited in the Kentucky permanent

pension fund established in KRS 42.205.

3. Any interest accruing to the fund shall become a part of the fund and

shall not lapse.

(2)Notwithstanding KRS 45.229, fund amounts not expended at the close of a fiscal

year shall not lapse but shall be carried forward into the next fiscal year.

(3)Moneys deposited in the fund shall be:

(a)Used for the purposes set forth in this section; and

(b)Distributed as they are received on a rolling basis.