350.503 Kentucky reclamation guaranty fund.

252 words·~1 min read·/ky/chapter-350/350-503

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

(1)There is hereby established a revolving fund to be known as the "Kentucky

reclamation guaranty fund," which shall be administratively assigned to the cabinet

and which shall be administered in accordance with the terms of KRS 350.500 to

350.521.

(2)The fund shall consist of all moneys collected pursuant to KRS 350.515 and

350.518.

(3)Moneys collected pursuant to subsection

(2)of this section shall not be utilized for

the reclamation of permits forfeited prior to January 1, 2014, except for obligations

as may arise from the forfeiture of bonds prior to that date secured by the voluntary

bond pool.

(4)Moneys in the fund shall be held in an interest-bearing account and shall be used as

follows and for no other purposes:

(a)To reclaim, in the event of forfeiture, permit areas or increments thereof,

covered by the fund;

(b)To compensate the cabinet for costs of administering the fund;

(c)To fund audits and actuarial studies required under KRS 350.509; and

(d)To cover all operating expenses and any necessary legal expenses of the

Reclamation Guaranty Fund Commission.

(5)Moneys in the fund shall not be utilized for long-term treatment of substandard

water discharges and subsidence.

(6)Notwithstanding KRS 45.229, any moneys remaining in the fund at the close of a

fiscal year shall not lapse, but shall be carried forward into the succeeding fiscal

year for use as provided in this section.

(7)The fund shall be exempt from the requirements applicable to insurers under KRS

Chapter 304.