KRS 154.50-020: Legislative findings of fact -- Purpose of KRS 154.50-020 to 154.50-030.

(1) It is hereby found, determined, and declared as a legislative finding of fact that the

general welfare of the citizens of the Commonwealth is directly related to the

economic and employment opportunities available to them, and it is the legitimate

business of the Kentucky state government to provide to the maximum extent

practicable, the impetus for and assistance to economic development in the

Commonwealth through the provision of monetary assistance to industrial entities

for industrial improvement p rojects which will directly and proximately cause the

improvement and retention of industry and employment in the Commonwealth.

(2) It is hereby further found, determined, and declared as a legislative finding of fact

that the improvement and retention of manufacturing, processing, and assembling

facilities will proximately result in:

(a) The creation or retention of employment opportunities; or

(b) The creation or retention of tax revenues to the Commonwealth, as a taxing

entity, which would not be availab le to the citizens of the Commonwealth or

received by the Commonwealth but for the improvement and retention of the

facilities and which creation or retention of employment opportunities or tax

revenues are hereby found, determined, and declared to constit ute receipt of

value by the Commonwealth for the monetary assistance which it may provide

pursuant to KRS 154.50 -020 to 154.50 -030 to industrial entities undertaking

industrial improvement projects located in this state.

(3) It is the purpose of KRS 154.50-020 to 154.50-030 to promote and foster the gainful

employment, business, and economic development opportunities and general

welfare of the citizens and residents of the Commonwealth which will result in the

alleviation or prevention of unemployment and t he general stability of the economy

of Kentucky. This purpose will be accomplished by the creation of the authority to

enable the Commonwealth to provide monetary assistance to industrial entities, for

the improvement and retention of industrial manufactur ing, processing, or

assembling facilities in the Commonwealth which, in return, will create or retain

employment opportunities for citizens of the Commonwealth or will create or retain

tax revenues. The authority granted by KRS 154.50 -020 to 154.50 -030 and the

purposes to be accomplished by KRS 154.50-020 to 154.50-030 are hereby declared

to be public purposes for which public money may be expended.