AN ACT relating to the tobacco master settlement agreement fund.

UNOFFICIAL COPY 26 RS BR 2448
Page 1 of 1
XXXX 3/2/2026 8:01 AM Jacketed
AN ACT relating to the tobacco master settlement agreement fund. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
Section 1. KRS 248.655 is amended to read as follows: 3
There is established in the State Treasury a fund to be known as the "Rural Development 4
Fund." This fund shall exist for the purpose of receipt and expenditure of moneys to 5
improve and promote agricultural development for residents of the Commonwealth. The 6
fund may receive state appropriations, gifts, grants, and federal funds and shall be 7
disbursed by the State Treasurer upon the warrant of the chairperson[chair] of the rural 8
development board. Before and after July 1, 2000, fifty percent (50%) of the proceeds in 9
the tobacco settlement agreement fund shall be deposited in this fund as provided under 10
KRS 248.654. All investment income earned from moneys deposited in the fund shall 11
accrue to the fund. The moneys in the fund shall not lapse at the close of any fiscal year 12
but shall be carried forward in the next fiscal year for the purpose of the fund. The board 13
shall develop and oversee the implementation of a strategic plan. The strategic plan sh all 14
identify both short -term and long -term goals and the appropriate oversights to measure 15
progress toward achievement of those goals, and it shall be updated every two (2) years. 16
The board shall submit an annual report to the Governor and the Legislative Research 17
Commission by September 1 of each year for the preceding fiscal year, outlining its 18
activities and expenditures. The Auditor of Public Accounts, on an annual basis, shall 19
conduct a thorough review of all expenditures from the fund and [,] if necessary in the 20
opinion of the Auditor, an audit of the operations of the fund. No money in the fund shall 21
be allocated until the board has adopted a strategic plan. 22