KRS 150.255: Wetland or stream compensatory mitigation projects -- Mitigation fund --

Purposes.

(1) Upon request of any state agency or any other entity, the department may contract

with the agency or party to undertake any compensatory mitigation project,

including, but not limited to, wetland or stream mitigation.

(2) The department may establish and manage wetland or stream compensatory

mitigation banks, the purpose of which shall be to restore, create, or enhance

wetlands and streams as compensatory mitigation where a state agency or other

party is required to provide compensatory mitigation, and where the use of banked

mitigation is approved by the agency requiring mitigation. The department may

create the bank in advance of requests for banked mitigation credits.

(3) There is established and created in the State Treasury the "Kentucky Wetland and

Stream Mitigation Fund" for the purpose of restoring, creating, enhancing, or

preserving the Commonwealth's wetlands or streams that may be damaged or

destroyed due to any project, recovering costs associated with performing these

projects, and administering these programs. The fund shall be deemed a trust and

agency fund account and made available solely for the purposes and benefits of the

Kentucky wetland and stream mitigation projects. The fund may receive state

appropriations, gifts, grants, federal funds, revolving funds, and any other funds

both public and private. Money deposited in the fund shall be disbursed by the State

Treasurer upon the request of the commis sioner with the approval of the

commission. Any unallocated or unencumbered balance in the fund shall be

invested as provided in KRS 42.500(9), and any income earned from the

investments, along with the unallocated or unencumbered balance in the fund, shal l

not lapse.