{"data":{"id":"us-ky/krs-350.503","jurisdiction":"us-ky","citation":"KRS 350.503","heading":"Kentucky reclamation guaranty fund.","body":"(1) There is hereby established a revolving fund to be known as the \"Kentucky\nreclamation guaranty fund,\" which shall be administratively assigned to the cabinet\nand which shall be administered in accordance with the terms of KRS 350.500 to\n350.521.\n(2) The fu nd shall consist of all moneys collected pursuant to KRS 350.515 and\n350.518.\n(3) Moneys collected pursuant to subsection (2) of this section shall not be utilized for\nthe reclamation of permits forfeited prior to January 1, 2014, except for obligations\nas may arise from the forfeiture of bonds prior to that date secured by the voluntary\nbond pool.\n(4) Moneys in the fund shall be held in an interest -bearing account and shall be used as\nfollows and for no other purposes:\n(a) To reclaim, in the event of forfe iture, permit areas or increments thereof,\ncovered by the fund;\n(b) To compensate the cabinet for costs of administering the fund;\n(c) To fund audits and actuarial studies required under KRS 350.509; and\n(d) To cover all operating expenses and any necessar y legal expenses of the\nReclamation Guaranty Fund Commission.\n(5) Moneys in the fund shall not be utilized for long -term treatment of substandard\nwater discharges and subsidence.\n(6) Notwithstanding KRS 45.229, any moneys remaining in the fund at the close  of a\nfiscal year shall not lapse, but shall be carried forward into the succeeding fiscal\nyear for use as provided in this section.\n(7) The fund shall be exempt from the requirements applicable to insurers under KRS\nChapter 304.","path":["KRS Chapter 350"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=41769","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:36Z","sha256":"98c4df8791a4353588c97572a8d0314576884792a1d68c53b8ebe5df0a7a96e5","source_id":"us-ky","stale":false,"prev":"us-ky/krs-350.500","next":"us-ky/krs-350.506"},"notice":"GroundRules: Original legal text. Not legal advice."}