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Kentucky Revised Statutes Title XIX. Public Safety and Morals § 230.446.Kentucky paint horse, Appaloosa, and Arabian purse fund; purposes; distribution and allocation of funds; administration of fund

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

(1) The Kentucky paint horse, Appaloosa, and Arabian purse fund is created as a corporate fund to be administered by the Kentucky Horse Racing and Gaming Corporation and shall consist of moneys allocated to the fund under KRS 230.3771 together with any other moneys contributed to or allocated to the fund from all other sources. For the purposes of this section, “purse fund” or “fund” means the Kentucky paint horse, Appaloosa, and Arabian purse fund.

(2) Notwithstanding KRS 45.229, money to the credit of the fund at the end of the fiscal year shall not lapse but shall be carried forward in the fund to the succeeding fiscal year. Interest earnings of the fund shall become a part of the fund and shall not lapse.

(3) Moneys in the fund shall be used for purposes specified in this section.

(4) The Kentucky Horse Racing and Gaming Corporation shall use at least ninety percent (90%) of the purse fund to promote racing and to provide purses for races conducted in the Commonwealth as follows:

(a) The Kentucky Horse Racing and Gaming Corporation shall provide for distribution of money from the fund to persons, corporations, or associations operating licensed tracks within the Commonwealth conducting paint horse, Appaloosa, or Arabian horse racing;

(b) At least ninety percent (90%) of the moneys from the purse fund shall be allocated to each breed of horse represented in the fund in proportion to the amount each breed has contributed to the fund; and

(c) The Kentucky Horse Racing and Gaming Corporation shall consult with the Kentucky Appaloosa Owners Association or its successor, the Kentucky Paint Horse Club or its successor, and the Kentucky Arabian Horse Association or its successor, to designate the races and the amount of purse money to be provided for designated races for each breed respectively.

(5) Up to ten percent (10%) of the purse fund may be allocated for the administration and operation of the corporation.

(6) The Kentucky Horse Racing and Gaming Corporation:

(a) Shall fix the dates and conditions of races to be held by licensed tracks;

(b) Shall fix the amount of money to be paid from the fund to be added to the purse provided for each race by the licensed operator of the track; and

(c) May promulgate administrative regulations in accordance with KRS Chapter 13A necessary to carry out the provisions of this section.

(7) The Kentucky Horse Racing and Gaming Corporation shall carry out the provisions of this section and administer the purse fund in a manner designed to promote and aid in the development of the horse industry in Kentucky and upgrade the quality of horse racing in Kentucky.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XIX. Public Safety and Morals § 230.446.Kentucky paint horse, Appaloosa, and Arabian purse fund; purposes; distribution and allocation of funds; administration of fund - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xix-public-safety-and-morals/ky-rev-st-sect-230-446/

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