KRS § 248.703 — KY Code / Title XXI / Chapter 248 / Section 248.703
248.703 Allocation of moneys received in tobacco settlement agreement fund from Master Settlement Agreement
Status: in_force

248.703 Allocation of moneys received in tobacco settlement agreement fund from

Master Settlement Agreement.

(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.