{"data":{"id":"us-ky/krs-154.20-580","jurisdiction":"us-ky","citation":"KRS 154.20-580","heading":"Definitions for KRS  154.20-580 to 154.20-589.","body":"As used in KRS 154.20-580 to 154.20-589:\n(1) \"Approved costs\" may include, as approved by the qualified lender:\n(a) Obligations incurred for labor and  materials in connection with the\nacquisition, construction, equipping, rehabilitation, and installation of an\neligible company;\n(b) The  cost of contract bonds and any insurance that may be required or\nnecessary  during the course of acquisition, construction, equipping,\nrehabilitation, and installation of an eligible company which is not paid by\na vendor, supplier, deliveryman, contractor, or otherwise provided;\n(c) All costs of architectural and engineering services, including estimates,\nplans and specifications, preliminary investigations, and supervision of\nconstruction, rehabilitation, and installation, including the performance of\nall the duties required by  or consequent  upon  the acquisition,\nconstruction, equipping, rehabilitation, and  installation of an  eligible\ncompany;\n(d) All costs required to be paid under the terms of any contract for the\nacquisition, construction, equipping, rehabilitation, or installation of an\neligible company;\n(e) All costs required for the installation of utilities, including water, sewer,\nsewer  treatment, gas, electricity, communications, railroads, and any\noff-site construction of the facilities to be paid by the eligible company;\n(f) All costs required for the operating of the eligible company, including\ninventory, furniture, equipment, labor, and other incidental costs for\nstartup or enhancement of the eligible company, if the location has been\ncompleted;\n(g) Ongoing and future operating expenses; and\n(h) Any other necessary and reasonable costs;\n(2) \"Commercial loan\" means an agreement between an eligible company and one\n(1) or more qualified lenders for approved costs;\n(3) \"Cooperative lender\" means a not-for-profit consortium of qualified lenders;\n(4) \"Eligible company\" means:\n(a) Any corporation, limited liability company, partnership, limited partnership,\nsole proprietorship, business trust, or any other entity that experienced\ndirect or indirect loss from the December 2021 storms and tornadoes that\noccurred in the west Kentucky region and have or had an existing or\nproposed business located in the counties which were declared disaster\nrelief areas by any state or federal agency; or\n(b) The  successor of the entity under paragraph (a) of this subsection in\ninterest or business activity;\n(5) \"Final approval\" means the approval of the commercial loan after underwriting\nby the qualified lender, in accordance with internal underwriting standards, and\nsubject to the qualified lender\u0019s terms and conditions;\n(6) \"Inducement\" means payments from the western Kentucky risk assistance fund\ncreated in KRS 154.20-589; and\n(7) \"Qualified lender\" means  a cooperative lender or a depository institution as\ndefined in 12 U.S.C. sec. 1813(c), which has a physical presence in the\nCommonwealth  and  is currently in good  standing as  reported by  the\nDepartment of Financial Institutions.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52287","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:54Z","sha256":"b14a1856f5995c4b0d14f8fb209040a7ac81e1079002186537cab6d25b91dca8","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.20-570","next":"us-ky/krs-154.20-583"},"notice":"GroundRules: Original legal text. Not legal advice."}