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154.50.030 Expenditure of funds to industrial entities.

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154.50-030 Expenditure of funds to industrial entities. (1) In carrying out the purposes of KRS 154.50-020 to 154.50-030, and in providing for the expenditure of funds to industrial entities to assist in the implementation of an <br>industrial improvement project, the cabinet may find that the cost may be paid in <br>whole or in part out of funds directly appropriated to the responsible state agency <br>for that purpose or by any other method approved by the Governor and the General <br>Assembly. (2) In carrying out the purposes of KRS 154.50-020 to 154.50-030, and in providing for the expenditure of funds to industrial entities which are appropriated by the General <br>Assembly to assist in the implementation of an industrial improvement project, the <br>cabinet may determine the amount of monetary assistance to be provided by <br>reference to any formula or other objective standard which is based on target levels <br>of employment, projected interest rates or other financing costs, projected levels of <br>investment by the industrial entity or any other objective criteria deemed <br>appropriate by the cabinet under the circumstances. (3) (a) In carrying out the purposes of KRS 154.50-020 to 154.50-030, the expenditure of funds to industrial entities to assist in the implementation of an <br>industrial improvement project may only be made if: 1. There is a finding by the cabinet, that, based upon reasonable <br>investigation, the industrial improvement project cannot be funded out of <br>existing appropriations and is in the best interest of the Commonwealth <br>because it is reasonably expected to result in the creation or retention in <br>whole or in part of employment opportunities or of tax revenues; 2. The industrial improvement project is separately approved in writing by <br>the Governor; 3. The industrial improvement project is separately approved by the <br>General Assembly; and 4. There is an agreement in writing by the subject industrial entity to <br>engage in the industrial improvement project setting forth the basis upon <br>which the amount of monetary assistance provided pursuant to KRS <br>154.50-020 to 154.50-030 is determined. (b) It is hereby determined and declared as a legislative finding of fact that the provisions and requirements of paragraph (a) of this subsection provide for the <br>receipt by the Commonwealth of fair market value for any monetary <br>assistance provided pursuant to KRS 154.50-020 to 154.50-030. Effective: July 13, 1990 <br>History: Created 1990 Ky. Acts ch. 306, sec. 3, effective July 13, 1990 <br>Formerly codified as KRS 154.780