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Kentucky Revised Statutes Title XII. Conservation and State Development § 154.40-060.Use of revenues and funds; annual audit

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) All revenues derived by the corporation from the use of Eastern Kentucky Exposition Center, all contributions to the center from other sources, and any revenues derived by the corporation from any other source shall be used solely for the expenses of the center, including payment on debt; the cost of management and operation of its facilities; the creation of an adequate reserve for repair, replacement, debt service, and capital improvements; the procurement of insurance; and promotional activities.

(2) Unless an election is made pursuant to the provisions of subsection (3) of this section, the Auditor of Public Accounts shall conduct an annual audit of all funds of the corporation and its affiliated entities, if any, and report annually to the Governor and the Legislative Research Commission.

(3)(a) In lieu of having the Auditor of Public Accounts perform the annual audit under subsection (2) of this section:

1. A city government that appoints members to the board of the corporation may make an irrevocable election upon written notice to the Auditor of Public Accounts that it shall include the corporation within the city's annual audit conducted under the provisions of KRS 91A.040. A city making an election pursuant to this subparagraph shall be reimbursed by the corporation for the direct costs it incurs as a result of the inclusion of the corporation within its annual audit; or

2. Upon written notification to the Auditor of Public Accounts, a city government meeting the requirements of subparagraph 1. of this paragraph and the board may jointly elect to have its annual audit performed by an independent auditor. Any audit performed by an independent auditor for the corporation shall be generally conducted and conform the requirements of KRS 91A.040(6).

(b) If an audit is performed under this subsection, the audit shall be forwarded to the Auditor of Public Accounts.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XII. Conservation and State Development § 154.40-060.Use of revenues and funds; annual audit - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xii-conservation-and-state-development/ky-rev-st-sect-154-40-060/

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