{"data":{"id":"us-ky/krs-154.12-100","jurisdiction":"us-ky","citation":"KRS 154.12-100","heading":"Economic development fund -- Project selection criteria -- Written","body":"commitment -- Approval -- Report.\n(1) \"Economic development fund\" means the fund authorized by the General Assembly\nfor the purpose of promoting economic development within the state.\n(2) The economic development fund shall be funded through the issuance of bonds by\nthe State Property and Buildings Commission or other appropriation by the General\nAssembly.\n(3) The economic development fund shall be administered by the secretary of the\nCabinet for Economic Development. The authority shall promulgate administrative\nregulations in accordance with KRS Chapter 13A for project selection criteria and\nadministration of the economic development fund. The project selection criteria\nshall include but not be limited to the following:\n(a) Potential job creation or job retention;\n(b) Degree of public or private and local involvement;\n(c) Degree and conditions of project payback; and\n(d) Amount of investment.\n(4) Prior to submission of an econom ic development fund project to the authority, the\nsecretary of the Cabinet for Economic Development shall receive a written\ncommitment from the public or private organization which has requested funds\noutlining projected job creation and retention, an inve stment breakdown, and\noverall project description. This shall be submitted by the secretary to the authority.\nSubsequently, the secretary of the Cabinet for Economic Development shall execute\na written agreement with the public or private organizations inv olved expressing in\ndetail the respective obligations on the parties.\n(5) Projects of state agencies as defined in KRS 42.005 shall not be eligible for funding\nfrom the economic development fund program, unless expressly provided in a\nbranch budget bill. Airport construction and renovation projects shall be eligible for\nfunding under this section. The secretary of the Cabinet for Economic Development\nshall consult with the secretary of the Finance and Administration Cabinet on the\nterms and conditions relating to the use of funds pursuant to this section before any\ncommitment is made on any project to any public or private organization.\n(6) Following the approval by the authority, the project shall be presented by the\nsecretary of the Cabinet for Economic De velopment or his or her designee with\nsupporting documentation for review and approval at the next regularly scheduled\nmeeting of the Capital Projects and Bond Oversight Committee pursuant to KRS\n45.810 and at the next regularly scheduled meeting of the St ate Property and\nBuildings Commission pursuant to KRS 56.450.\n(7) Notwithstanding the provisions of KRS 56.872(3), the amount of economic\ndevelopment funds issued during any biennium shall not exceed the balance of the\nfund, and any funds authorized in the biennial budget shall carry forward and shall\nnot lapse.\n(8) By November 1 of each year, the Cabinet for Economic Development shall prepare\nand post an annual report to the cabinet's Web site as required in KRS 154.12 -2035,\nshowing the economic development funds issued during the previous fiscal year,\nfunds disbursed, the amounts paid back, and the balance still owing with respect to\ngrants or loans made by the Cabinet for Economic Development with proceeds of\neconomic development funds during the previous five (5) fiscal years.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=48550","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:52Z","sha256":"28e2b87f005301eb167c5c69f007a8aea2f2496d726a57ddc74718358c3a275f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.12-050","next":"us-ky/krs-154.12-201"},"notice":"GroundRules: Original legal text. Not legal advice."}