248.703 Allocation of moneys received in tobacco settlement agreement fund from
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/ky/248-703A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Master Settlement Agreement.
(1)Fifty percent (50%) of the moneys received in the tobacco settlement agreement
fund from Master Settlement Agreement funding after June 30, 2000, along with
accrued interest, shall be allocated within twenty
(20)days of receipt of the moneys
to the agricultural development fund created in KRS 248.655. The moneys received
in the fund, along with the accrued interest, shall be further allocated as follows:
(a)Thirty-five percent (35%) to the counties account; and
(b)Sixty-five percent (65%) for other projects throughout the state.
(2)The allocation within the counties account in the agricultural development fund for
each county shall be assured for use in each county and shall be based on the
following weighted factors:
(a)Fifty percent (50%) weight to the county's percentage of the state's tobacco
allotment based on 1999 data;
(b)Twenty-five percent (25%) weight to the county's number of farms with
tobacco quotas in the county as a percentage of farms with tobacco quotas
statewide, based on 1999 data; and
(c)Twenty-five percent (25%) weight to the economic impact index for each
county which shall be calculated in the following manner:
1. The tobacco income for each county (1997 burley tobacco production
times average burley market price) divided by the total personal income
for each county. The data used shall reflect the year most recently
available for total personal income.
2. The percentage derived in subparagraph 1. of this paragraph (tobacco
income as a percentage of total personal income for each county) shall
then be summed across all counties.
3. The economic impact index amount shall be each county's tobacco
income as a percentage of total personal income, divided by the
aggregate percentage stated in subparagraph 2. of this paragraph.
(3)When a county's allocation is exhausted, applicants from that county may apply for
funds from the other sixty-five percent (65%) of the moneys in the agricultural
development fund. Failure by a county to exhaust its county allocation shall not
preclude the county from receiving the benefits of a proposal approved by the board
from state funds.
(4)Any funds directly appropriated by the General Assembly shall be assessed against
the percentage of funds allocated to the state portion of the agricultural
development fund.
(5)Interest earned on any moneys in any fund or account created in KRS 248.701 to
248.727 shall accrue to that fund or account until transferred to another fund or
account created or referenced in KRS 248.701 to 248.727.
(6)None of the moneys left at the end of a fiscal year in any fund or account created or
referenced in KRS 248.701 to 248.727 shall lapse, but shall stay with the fund or
account as long as the fund or account exists, or until the moneys are transferred to another fund or account created or referenced in KRS 248.701 to 248.727. In the case of any fund or account created in KRS 248.701 to 248.727 that is terminated with a remaining balance, the balance shall remain in the agricultural development fund.