350.500 Definitions for KRS 350.500 to 350.521.

140 words·~1 min read·/ky/chapter-350/350-500

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

As used in KRS 350.500 to 350.521, unless the context otherwise requires:

(1)"Actuarial soundness" means the fund has achieved financial positioning such that

the collected revenues, including bond forfeiture amounts, and earned investment

income in aggregate are sufficient to build reserves that can be reasonably

anticipated to provide for the long-term future expected reclamation losses,

including shock or catastrophic losses, loss adjustment expenses, and administrative

expenses associated with the fund's operation;

(2)"Date of establishment of the fund" means July 1, 2013;

(3)"Kentucky reclamation guaranty fund" or "the fund" means the fund established in

KRS 350.503;

(4)"Reclamation Guaranty Fund Commission" or "commission" means the

commission established in KRS 350.506; and

(5)"Voluntary bond pool fund" means that bond pool fund established in KRS 350.700

to 350.755, which are repealed by 2013 Ky. Acts ch. 78, sec. 12.