KRS 154.50-030: Expenditure of funds to industrial entities.

(1) In carrying out the purposes of KRS 154.50-020 to 154.50-030, and in providing for

the expenditure of funds to industrial entities to assist in the implementation of an

industrial improvement project, the cabinet may find that the cost may be paid in

whole or in part out of funds directly appropriated to the responsible state agency

for that purpose or by any other method approved by the Governor and the General

Assembly.

(2) In carrying out the purposes of KRS 154.50-020 to 154.50-030, and in providing for

the expenditure of funds to industrial entities which are appropriated by the General

Assembly to assist in the implementation of an industrial improvement project, the

cabinet may determine the amount of monetary assistance to be provided by

reference to any formula or other objective standard which is based on target levels

of employment, projected interest rates or other financing costs, projected levels of

investment by the industrial entity or any other objective criteria deemed

appropriate by the cabinet under the circumstances.

(3) (a) In carrying out the purposes of KRS 154.50 -020 to 154.50 -030, the

expenditure of funds to industrial entities to assist in the implementation of an

industrial improvement project may only be made if:

1. There is a find ing by the cabinet, that, based upon reasonable

investigation, the industrial improvement project cannot be funded out

of existing appropriations and is in the best interest of the

Commonwealth because it is reasonably expected to result in the

creation or retention in whole or in part of employment opportunities or

of tax revenues;

2. The industrial improvement project is separately approved in writing by

the Governor;

3. The industrial improvement project is separately approved by the

General Assembly; and

4. There is an agreement in writing by the subject industrial entity to

engage in the industrial improvement project setting forth the basis upon

which the amount of monetary assistance provided pursuant to KRS

154.50-020 to 154.50-030 is determined.

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

provisions and requirements of paragraph (a) of this subsection provide for the

receipt by the Commonwealth of fair market value for any monetary

assistance provided pursuant to KRS 154.50-020 to 154.50-030.