KRS § 230.770 — KY Code / Title XIX / Chapter 230 / Section 230.770
230.770 Kentucky standardbred development fund -- Contributions -- Purposes -- Distribution -- Administrative regulations
Status: in_force

230.770 Kentucky standardbred development fund -- Contributions -- Purposes --

Distribution -- Administrative regulations.

(1) (a) There is hereby created a corporate account for the Kentucky Horse Racing

and Gaming Corporation, designated as the Kentucky standardbred

development fund, consisting of moneys allocated to the fund under the

provisions of KRS 138.510, together with any other moneys contributed to or

allocated to the fund from all other sources.

(b) For the purposes of this section, "development fund" or "fund" means the

Kentucky standardbred development fund.

(c) Moneys to the credit of the development fund shall be transferred in the

following order:

1. Seventy-five thousand dollars ($75,000) each fiscal year to the

Kentucky problem gambling assistance account established in KRS

230.826; and

2. Remaining moneys to be divided as follows:

a. At least ninety percent (90%) shall be allocated within Kentucky

as set forth in this section; and

b. Up to ten percent (10%) may be allocated for administration and

operation of the corporation.

(d) Moneys to the credit of the fund at the end of each fiscal year shall not lapse

but shall be carried forward in the fund to the succeeding fiscal year.

(2) The Kentucky Horse Racing and Gaming Corporation shall use the development

fund to promote races, and to provide purses for races, for Kentucky-bred

standardbred horses.

(3) The corporation shall:

(a) Account for the moneys in the fund by separating the moneys as required for

distribution under subsections (1) and (4) of this section; and

(b) Provide for distribution of moneys to the credit of the development fund to

persons, corporations, or associations operating licensed standardbred race

tracks within Kentucky on an equitable basis, for the purpose of conducting

separate races for Kentucky-bred standardbred horses, both trotting and

pacing.

(4) The corporation shall establish an international harness racing event reserve account

of up to nine hundred thousand dollars ($900,000) for a Kentucky track that hosts

an international harness racing event spanning multiple days that distributes at least

five million dollars ($5,000,000) in purses and awards. Moneys shall be transferred

from the development fund as follows:

(a) Beginning July 31, 2024, three hundred thousand dollars ($300,000) shall be

transferred annually into the event reserve account until the total amount

transferred into the event reserve account reaches nine hundred thousand

dollars ($900,000);

(b) If the event reserve account reaches nine hundred thousand dollars

($900,000), the annual transfer of moneys into the account shall be suspended

and shall not resume until a Kentucky track has hosted the event and has

received its distribution of moneys under this subsection; and

(c) If an event is held and the nine hundred thousand dollars ($900,000) has been

distributed to the host track, the annual transfers into the event reserve

account under paragraph (a) of this subsection shall resume at that time.

(5) Moneys distributed from the development fund to licensed standardbred race tracks

within the Commonwealth shall be used exclusively to promote races and provide

purses for races conditioned to admit only Kentucky-bred standardbred horses.

(6) The Kentucky Horse Racing and Gaming Corporation shall:

(a) Fix the amount of moneys to be paid from the development fund to be added

to the purse provided for each race by the licensed operator of the track; and

(b) Fix the dates and conditions of races to be held by licensed race tracks.

(7) (a) The Kentucky Horse Racing and Gaming Corporation may promulgate

administrative regulations in accordance with KRS Chapter 13A to carry out

the provisions of this section, including those administrative regulations

necessary to determine the eligibility of horses for entry in races for which a

portion of the purse is provided by moneys of the development fund,

including administrative regulations for the eligibility, residency, and

registration of mares, stallions, and progeny thereof.

(b) Registration of stallions may occur any time during the breeding season, but

shall occur no later than December 31 of the year of conception of the eligible

horse.

(8) (a) The Kentucky Horse Racing and Gaming Corporation shall appoint qualified

personnel necessary to supervise registration of, or determination of eligibility

of, horses entitled to entry in races, a portion of the purse of which is provided

by the development fund, to assist the corporation in determining the

conditions, class, and quality of the fund supported race program to be

established in this section to carry out the purposes of this section.

(b) These persons shall serve at the pleasure of the corporation and compensation

shall be fixed by the corporation.

(c) The corporation shall administer the Kentucky sire stakes program in a

manner best designed to:

1. Promote and aid in the development of the horse industry in Kentucky;

2. Upgrade the quality of racing in Kentucky; and

3. Improve the quality of horses bred in Kentucky.