KRS 248.655: Rural development fund -- Purpose -- Source of moneys -- Strategic plan

for fund distribution -- Annual report and audit.

There is established in the State Treasury a fund to be known as the "Rural Development

Fund." This fund shall exist for the purpose of receipt and expenditure of moneys to

improve and promote agricultural development for residents of the Commonwealth. The

fund may receive state appropriations, gifts, grants, and federal funds and shall be

disbursed by the State Treasurer upon the warrant of the chair of the rural development

board. Before and after July 1, 2000, fifty percent (50%) of the proceeds in the tobacco

settlement agreement fund shall be deposited in this fund as provided under KRS

248.654. All investment income earned from moneys deposited in the fund shall accrue to

the fund. The moneys in the fund shall not lapse at the close of any fiscal year but shall be

carried forward in the next fiscal year for the purpose of the fund. The board shall

develop and oversee the im plementation of a strategic plan. The strategic plan shall

identify both short -term and long -term goals and the appropriate oversights to measure

progress toward achievement of those goals, and it shall be updated every two (2) years.

The board shall submi t an annual report to the Governor and the Legislative Research

Commission by September 1 of each year for the preceding fiscal year, outlining its

activities and expenditures. The Auditor of Public Accounts, on an annual basis, shall

conduct a thorough re view of all expenditures from the fund and, if necessary in the

opinion of the Auditor, an audit of the operations of the fund. No money in the fund shall

be allocated until the board has adopted a strategic plan.