148.320 Use of revenues -- Deposit of funds -- Accounts and reports. - Kentucky Statutes

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148.320 Use of revenues -- Deposit of funds -- Accounts and reports. (1) All revenues derived by the commission from the use of properties and facilities under its custody and control shall be used exclusively for the purpose of defraying
the expenses of the commission, the cost of the management and operation of such
properties and facilities, the payment of interest and principal upon any
indebtedness incurred by the commission for such properties and facilities, the
creation of adequate reserves for the repair and replacement thereof and for the
financing of further extensions, improvements, and additions thereto. Included in
the cost of operation may be such promotional activities as the commission may
determine upon as calculated to stimulate and increase the use and the revenues of
such facilities, and to increase and stimulate the interest and usefulness of the State
Horse Park. (2) The commission shall generally cause its funds to be deposited in the State Treasurer's office to be withdrawn on appropriate vouchers approved by the
commission. (3) An annual accounting of the funds of the commission shall be made by the Auditor of Public Accounts and reported to the Governor for the benefit of the Governor and
the General Assembly. Effective: July 15, 1986
History: Amended 1986 Ky. Acts ch. 96, sec. 8, effective July 15, 1986. -- Amended 1982 Ky. Acts ch. 396, sec. 21, effective July 15, 1982. -- Created 1979 (1st Extra.
Sess.) Ky. Acts ch. 6, sec. 7, effective July 1, 1979.