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Kentucky Revised Statutes Title XXI. Agriculture and Animals § 248.703.Allocation of moneys received in tobacco settlement agreement fund from Master Settlement Agreement

Current as of January 01, 2021 | Updated by FindLaw Staff

(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.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXI. Agriculture and Animals § 248.703.Allocation of moneys received in tobacco settlement agreement fund from Master Settlement Agreement - last updated January 01, 2021 | https://codes.findlaw.com/ky/title-xxi-agriculture-and-animals/ky-rev-st-sect-248-703/

Read this complete Kentucky Revised Statutes Title XXI. Agriculture and Animals § 248.703.Allocation of moneys received in tobacco settlement agreement fund from Master Settlement Agreement on Westlaw

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