KRS 230.407: Kentucky quarter horse purse fund -- Contributions -- Purposes --

Distribution.

(1) The Kentucky quarter horse purse fund is created as a corporate fund to be

administered by the Kentucky Horse Racing and Gaming Corporation and shall

consist of moneys allocated to the fund under KRS 230.3771 together with any

other moneys contributed to or allocated to the fund from all other sources. For the

purposes of this section, "purse fund" or "fund" means the Kentucky quarter horse

purse fund.

(2) Notwithstanding KRS 45.229, money to the credit of the fund at the end of the

fiscal year shall not lapse but shall be carried forward in the fund to the succeeding

fiscal year. Interest earnings of the fund shall become a part of the fund and shall

not lapse.

(3) The Kentucky Horse Racing and Gaming Corporation shall use at least ninety

percent (90%) of the purse fund to promote quarter horse racing and to provide

purses for quarter horse races conducted in the Commonwealth as follows:

(a) The Kentucky Horse Rac ing and Gaming Corporation shall provide for

distribution of money from the fund to persons, corporations, or associations

operating licensed tracks within the Commonwealth conducting quarter horse

racing;

(b) At least ninety percent (90%) of the moneys fr om the fund shall be allocated

to each licensed association located in the Commonwealth in proportion to the

amount each association contributed to the fund; and

(c) The Kentucky Horse Racing and Gaming Corporation shall consult with the

Kentucky Quarter H orse Racing Association or its successor to designate the

races and the amount of purse money to be provided for designated quarter

horse races.

(4) The Kentucky Horse Racing and Gaming Corporation may use up to ten percent

(10%) of the purse fund for administration and operation of the corporation.

(5) The Kentucky Horse Racing and Gaming Corporation:

(a) Shall fix the dates and conditions of quarter horse races to be held by licensed

tracks;

(b) Shall fix the amount of money to be paid from the fund to be added to the

purse provided for each quarter horse race by the licensed operator of the

track; and

(c) May promulgate administrative regulations in accordance with KRS Chapter

13A to carry out the provisions of this section.

(6) The Kentucky Horse Racing and Gaming Corporation shall carry out the provisions

of this section and administer the purse fund in a manner designed to promote and

aid in the development of the quarter horse industry in Kentucky and upgrade the

quality of quarter horse racing in Kentucky.