{"data":{"id":"us-ky/krs-248.655","jurisdiction":"us-ky","citation":"KRS 248.655","heading":"Rural development fund -- Purpose -- Source of moneys -- Strategic plan","body":"for fund distribution -- Annual report and audit.\nThere is established in the State Treasury a fund to be known as the \"Rural Development\nFund.\" This fund shall exist for the  purpose of receipt and expenditure of moneys to\nimprove and promote agricultural development for residents of the Commonwealth. The\nfund may receive state appropriations, gifts, grants, and federal funds and shall be\ndisbursed by the State Treasurer upon the warrant of the chair of the rural development\nboard. Before and after July 1, 2000, fifty percent (50%) of the proceeds in the tobacco\nsettlement agreement fund shall be deposited in this fund as provided under KRS\n248.654. All investment income earned from moneys deposited in the fund shall accrue to\nthe fund. The moneys in the fund shall not lapse at the close of any fiscal year but shall be\ncarried forward in the next fiscal year for the purpose of the fund. The board shall\ndevelop and oversee the im plementation of a strategic plan. The strategic plan shall\nidentify both short -term and long -term goals and the appropriate oversights to measure\nprogress toward achievement of those goals, and it shall be updated every two (2) years.\nThe board shall submi t an annual report to the Governor and the Legislative Research\nCommission by September 1 of each year for the preceding fiscal year, outlining its\nactivities and expenditures. The Auditor of Public Accounts, on an annual basis, shall\nconduct a thorough re view of all expenditures from the fund and, if necessary in the\nopinion of the Auditor, an audit of the operations of the fund. No money in the fund shall\nbe allocated until the board has adopted a strategic plan.","path":["KRS Chapter 248"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=11962","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:01Z","sha256":"8510eba0e4668bbac8ef24a7d2336c6d5b8e6135e0b28f7aab5211a3b3d6f9ea","source_id":"us-ky","stale":false,"prev":"us-ky/krs-248.654","next":"us-ky/krs-248.656"},"notice":"GroundRules: Original legal text. Not legal advice."}