KRS 224.1-030: Brownfield redevelopment fund.

(1) The brownfield redevelopment fund shall be established in the State Treasury as an

interest-bearing restricted fund and shall be administered by the cabinet.

(2) The fund shall be a dedicated fund, and all moneys in the fund shall be used solely

to provide financial assistance to governmental agencies to perform brownfield

assessments, corrective action, and demolition or other similar actions necessary to

prepare the property for a beneficial use.

(3) The financial assistance which may be provided to gover nmental agencies from the

fund shall be limited to the following forms:

(a) Grants; and

(b) Loans that are made at or below market interest rates, including interest -free

loans, at terms not to exceed ten (10) years with all payments of principal and

interest on all loans credited to the fund.

(4) The cabinet may promulgate administrative regulations setting forth procedures for

providing financial assistance as set forth in subsection (3) of this section.

(5) The brownfield redevelopment fund shall be esta blished, maintained, and credited

with funds received from appropriations of the General Assembly, repayments of

loans and interest thereon, interest derived from fund principal, grants or donations

received, and payments made to the fund for any lawful pu rpose. Notwithstanding

KRS 45.229, any moneys remaining in the fund at the close of a fiscal year shall not

lapse but shall be carried forward into the succeeding fiscal year to be used for the

purposes set forth in this section.

(6) The cabinet may enter into any necessary or required agreement with federal or state

agencies or persons to carry out the provision of this section. All state agencies shall

cooperate with the cabinet and share information with the cabinet as appropriate.

(7) Any moneys in the fund are hereby appropriated for the purposes set forth in this

section.