247.190 Revenues of State Fair Board, use and disposition of -- Deposit of

363 words·~2 min read·/ky/247-190

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

funds -- Accounting and report -- Board empowered to receive tax

revenues from any governmental unit and financial contributions from

others, as specified.

(1)All revenues derived by the State Fair Board from the use of properties and

facilities under its custody and control shall be used exclusively for the purpose

of defraying the expenses of the board, the cost of the management and

operation of such properties and facilities, the payment of interest and principal

upon any indebtedness incurred by the board for such properties and facilities,

the creation of adequate reserves for the repair and replacement thereof, and

for the financing of further extensions, improvements, and additions thereto.

Included in the cost of operation may be such promotional activities as the

State Fair Board may determine upon as calculated to stimulate and increase

the use and the revenues of such facilities, and to increase and stimulate the

interest and usefulness of the State Fair. Any surplus revenues remaining after

full provision for the above purposes shall be used to reduce the admission

fees and charges to the public for attendance upon the State Fair and for public

use by the citizens of the Commonwealth of the facilities of the State Fair

Board, and shall on no account be appropriated to any other agency or

function.

(2)The State Fair Board shall generally cause its funds to be deposited in the

State Treasurer's office, to be withdrawn on appropriate vouchers approved by

the board, but may create special accounts in other depositories for the

purpose of securing the prompt payment of interest and principal on any of its

bonded indebtedness if in the judgment of the board, or, if as determined by

competitive bids, the creation of such special accounts and depositories is

advantageous and economical to the board.

(3)The State Fair Board may receive tax revenues from any governmental unit

and financial contributions from local governments, private persons, or

foundations.

(4)An annual accounting of the funds of the state fair board shall be made by the

Auditor of Public Accounts and reported to the Governor and the Legislative

Research Commission for the benefit of Governor and the General Assembly.