KRS § 262.920 — KY Code / Title XXI / Chapter 262 / Section 262.920
262.920 Agricultural Enhancement Fund
Status: in_force

262.920 Agricultural Enhancement Fund.

(1) (a) There is hereby created by this section a special fund in the State Treasury

which shall be known as the "Agricultural Enhancement Fund." There shall be

deposited in the fund:

1. Moneys received by the Commonwealth, from whatever source and by

whatever means, as gifts for purposes of retaining agricultural lands and

supporting and abetting agricultural practices and activities which shall

improve conservation and natural resource protection practices, enhance

the viability of the agriculture industry, and expand the economic

contribution that agriculture makes to the Commonwealth;

2. Moneys received by the Commonwealth, from whatever source and by

whatever means, as grants or loans for purposes of retaining agricultural

lands and supporting and abetting agricultural practices and activities

which shall improve conservation and natural resource protection

practices, enhance the viability of the agriculture industry, and expand

the economic contribution that agriculture makes to the Commonwealth;

3. Moneys received by the Commonwealth including proceeds of bonds

issued for the purpose of funding the PACE Program as dedicated

sources of revenue for the fund; and

4. Moneys appropriated to the fund.

(b) The fund shall be in the custody of the Commonwealth. All or any part of

these funds may be invested in any securities in which public funds may

lawfully be invested. All income derived from investments shall be paid into

the fund and become a part thereof. The moneys so invested shall at all times

be subject to withdrawal from investment for use as provided in this

subsection.

(c) Upon authorization of the PACE board, the moneys in the fund may be used

for:

1. The acquisition of agricultural conservation easements on eligible lands

within the Commonwealth;

2. The acquisition of options to purchase agricultural conservation

easements on eligible lands within the Commonwealth;

3. The costs of appraisal, engineering, surveying, planning, financial, legal,

and other services, and applicable personnel costs lawfully incurred

incident to the acquisition of agricultural conservation easements in

eligible lands and for monitoring and enforcing easements on restricted

lands;

4. The costs incident to the sale, issuance, and delivery of bonds, and to

securing funds from other revenue sources for the fund;

5. The provision of guarantees for loans that farmers participating in the

PACE Program may need to seek from lending institutions in order to

carry out agricultural operations, including loans for annual agricultural

production, agriculture- and conservation-related improvements, and

changes in the types of and methods employed for agricultural

production on farmland tracts enrolled in the PACE Program; and

6. Other expenditures as specified by the PACE board, providing that the

expenditures are consistent with KRS 262.900 to 262.920 and

administrative regulations promulgated by the PACE board and are for

the express purpose of retaining agricultural lands, supporting and

abetting agricultural lands, and supporting and abetting agricultural

practices and activities which shall improve conservation and natural

resource protection practices, enhance the viability of the agriculture

industry, and expand the economic contribution that agriculture makes

to the Commonwealth.

(d) No more than ten percent (10%) of the moneys in the fund shall be expended

in any one (1) fiscal year to administer KRS 262.900 to 262.920.