{"data":{"id":"us-ky/krs-154.40-060","jurisdiction":"us-ky","citation":"KRS 154.40-060","heading":"Use of revenues and funds -- Annual audit.","body":"(1) All revenues derived by the corporation from the use of Eastern Kentucky\nExposition Center, all contributions to the center from other sources, and any\nrevenues derived by the corporation from any other source shall be used solely for\nthe expenses of the c enter, including payment on debt; the cost of management and\noperation of its facilities; the creation of an adequate reserve for repair,\nreplacement, debt service, and capital improvements; the procurement of insurance;\nand promotional activities.\n(2) Unless an election is made pursuant to the provisions of subsection (3) of this\nsection, the Auditor of Public Accounts shall conduct an annual audit of all funds of\nthe corporation and its affiliated entities, if any, and report annually to the Governor\nand the Legislative Research Commission.\n(3) (a) In lieu of having the Auditor of Public Accounts perform the annual audit\nunder subsection (2) of this section:\n1. A city government that appoints members to the board of the\ncorporation may make an irrevocable election upon written notice to the\nAuditor of Public Accounts that it shall include the corporation within\nthe city's annual audit conducted under the provisions of KRS 91A.040.\nA city making an election pursuant to this subparagraph shall be\nreimbursed by the corporation for the direct costs it incurs as a result of\nthe inclusion of the corporation within its annual audit; or\n2. Upon written notification to the Auditor of Public Accounts, a city\ngovernment meeting the requirements of subparagraph 1. of th is\nparagraph and the board may jointly elect to have its annual audit\nperformed by an independent auditor. Any audit performed by an\nindependent auditor for the corporation shall be generally conducted and\nconform to the requirements of KRS 91A.040(6).\n(b) If an audit is performed under this subsection, the audit shall be forwarded to\nthe Auditor of Public Accounts.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=56542","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:56Z","sha256":"822516c28388d24d818803184035810ad834073c43306ad88813f95fcbffd844","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.40-050","next":"us-ky/krs-154.410"},"notice":"GroundRules: Original legal text. Not legal advice."}