Title XII, Conservation and State Development

Any authority shall comply with the provisions of KRS 65A.010 to 65A.090.

This subchapter shall be known as the Small Business Tax Credit and Selling Farmer Tax Credit Programs.

As used in this subchapter: (1) "Authority" means the Kentucky Economic Development Finance Authority; (2) (a) "Average hourly wage" means the per-hour wage earned by a full-time employee, including wages, tips, overtime, bonuses, and commissions, as reflected on the employee's f…

requirements -- Maximum credits permitted. (1) The authority shall develop a Small Business Development Credit Program in consultation with the Office of Entrepreneurship and Innovation to assist new or existing small businesses operating in the Commonwealth. The nonrefundable cr…

The authority shall establish the procedures and standards for a small business development credit program by the promulgation of administrative regulations in accordance with KRS Chapter 13A.

Eligibility -- Application requirements -- Incentives to be negotiated by Cabinet for Economic Development -- Approval by the authority -- Authority to transmit required information to the Department of Revenue -- Penalty -- Sunset. (1) As used in this section: (a) "Actively enga…

prospective contractees -- Disclosure requirements -- Prohibited contracts, exceptions -- Vendor's performance bond, letter of credit or deposit of security -- Liquidated damages -- Laws governing contracts. (1) The corporation may purchase, lease, or lease-purchase such goods or…

As used in this subchapter: (1) "Above-the-line production crew" means employees involved with the production of a motion picture or entertainment production whose salaries are negotiated prior to commencement of production, such as actors, directors, producers, and writers; (2) …

productions and continuous film productions. (1) The purposes of KRS 141.383 and this subchapter are to encourage: (a) The film and entertainment industry to choose locations in the Commonwealth for the filming and production of motion picture or entertainment productions; (b) Th…

report -- Review. (1) An eligible company shall, prior to incurring any expenditure for which recovery will be sought, file an application for tax incentives with the office. The application shall include: (a) The name and address of the applicant; (b) Verification that the appli…

security division. (1) The Department of Kentucky State Police shall, at the request of the division of security, perform full criminal background investigations on all potential vendors and potential employees of the corporation at the level of division director and above and at…

The purpose of KRS 65.510 to 65.530, KRS 139.483, this section, and KRS 154.80-110 to 154.80-130 is to create within the Cabinet for Economic Development to aid in the promotion and development of river-related industry, agriculture, and commerce in Kentucky; to aid in the promot…

Organization under KRS Chapters 271B and 273 not prohibited. (1) The cabinet may make application to the proper federal authorities for the establishment of a foreign trade zone wherever and whenever such a zone is desirable. KRS 65.510 to 65.530, KRS 139.483, KRS 154.80-100, and…

The cabinet may enter into any and all contracts in its own name for planning, engineering, promotion, and development, consistent with the purposes of KRS 65.510 to 65.530, 139.483, 154.80-100, and 154.80-110 to 154.80-130, and may enter into contracts for these purposes with an…

The cabinet may disburse any and all funds appropriated by the Legislature for purposes consistent with KRS 65.510 to 65.530, 139.483, 154.80-100, and 154.80-110 to 154.80- 130, any funds received from any state agency, and may apply for, receive, and disburse funds from the fede…

The General Assembly finds that a major convention center in Northern Kentucky will serve as a catalyst in the regional development of commerce, and that it will enhance the position of Northern Kentucky as a year round convention and tourist attraction. The General Assembly find…

(1) The Northern Kentucky Convention Center Corporation is hereby established to develop and manage the Northern Kentucky Convention Center. The corporation shall be attached to the Tourism, Arts and Heritage Cabinet for administrative purposes. The corporation shall be directed …

The Northern Kentucky Convention Center Corporation: (1) Shall supervise the design and construction of the Northern Kentucky Convention Center, and shall provide all management functions for the facility and for any other property acquired or leased pursuant to its powers under …

(1) The Northern Kentucky Convention Center Corporation may appoint an executive director, who shall hold office at its pleasure. The executive director shall act under the direction of the board of the corporation in employing necessary staff to perform its duties and exercise i…

(1) (a) Any person who knowingly sells a lottery ticket to a person under eighteen (18) years of age shall be guilty of a violation for the first offense and for each subsequent offense shall be guilty of a Class B misdemeanor. (b) Any lottery retailer who violates KRS 154A.450 s…

This chapter shall be known as "The Business Development Corporation Act."

As used in this section and KRS 155.080 and 155.090, unless the context otherwise requires: (1) "Corporation" means a business development corporation created under this section and KRS 155.080 and 155.090. (2) "Financial institution" means any banking corporation or public or pr…

Twenty-five (25) or more persons, a majority of whom are residents of this Commonwealth, who desire to create a business development corporation under the provisions of this chapter, for the purpose of promoting, developing and advancing the prosperity and economic welfare of the…

In furtherance of the purposes set forth in KRS 155.020 above and in addition to the powers conferred on business corporations by the provisions of KRS Chapter 271B, the corporation shall, subject to the restrictions and limitations herein contained, have the following powers: (1…

The articles of incorporation shall set forth the amount of total authorized capital stock and the number of shares in which it is divided, the par value of each share, and the amount of capital stock with which the corporation will commence business and, if there is more than on…

Before the said articles of incorporation shall become effective, they must be approved by the Governor, and from the date the said articles of incorporation are filed in the office of the Secretary of State, with such approval, the stock subscribers, their successors and assigns…

(1) The first meeting of the corporation shall be called by a notice signed by three (3) or more of the incorporators, stating the time, place and purpose of the meeting, a copy of which notice shall be mailed, or delivered, to each incorporator at least five (5) days before the …

corporation. Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization, or trust indentures: (1) all domestic corporations organized for the purpose of c…

(1) Any financial institution may request membership in the corporation by making application to the board of directors on such form and in such manner as said board of directors may require, and membership shall become effective upon acceptance of such application by said board.…

(1) Each call made by the corporation shall be prorated among the members of the corporation in substantially the same proportion that the adjusted loan limit of each member bears to the aggregate of the adjusted loan limits of all members. The adjusted loan limit of a member sha…

Membership in the corporation shall be for the duration of the corporation; provided that, (1) Upon written notice given to the corporation three (3) years in advance, a member may withdraw from membership in the corporation at the expiration date of such notice; (2) A member sha…

(1) The stockholders and members of the corporation shall have the following powers of the corporation: (a) To determine the number of and elect directors as provided in KRS 155.130; (b) To make, amend and repeal bylaws; (c) To amend its articles of incorporation as provided in K…

(1) Articles of incorporation may be amended by the votes of the stockholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds (2/3) of the votes to which the stockholders are entitl…

(1) The business and affairs of the corporation shall be managed and conducted by a board of directors, a president and treasurer, and such other officers and such agents as the corporation by its bylaws shall authorize. The board of directors shall consist of such number, not le…

Each year the corporation shall set apart as earned surplus not less than ten percent (10%) of its net earnings for the preceding fiscal year until such surplus is equal in value to one- half (1/2) of the amount paid in on the capital stock then outstanding. Whenever the amount o…

(1) The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an o…

The corporation shall be subject to the examination of the commissioner of the Department of Financial Institutions, and shall make reports of its condition not less often than annually to said commissioner, who in turn shall make copies of such reports available to the commissio…

for losses. (1) An annual excise tax is hereby levied on every corporation organized under this chapter for the privilege of transacting business in this Commonwealth during the calendar year, according to or measured by its entire net income, as defined herein, received or accru…

The period of duration of a corporation organized under this chapter shall be perpetual.

corporation to begin doing business. If a corporation organized pursuant to this chapter fails to begin business within three (3) years from the effective date of its certificate of incorporation, then said certificate shall become null and void. If, within three (3) years from M…

Under no circumstances is the credit of the Commonwealth pledged herein.

liquidated damages. A business development corporation may require as a part of any loan made by it, that in the event of a default by the borrower in the repayment or other terms of the loan obligation, the borrower shall pay late charges of a specified amount of up to five perc…

Notwithstanding any law to the contrary, and regardless of the legal rate of interest, in any case brought by a business development corporation to obtain the collection or repayment of a defaulted loan, as part of a successful judgment against the debtor or guarantor the busines…

In any legal action brought by a business development corporation to obtain the collection or repayment of a defaulted loan, as part of a successful judgment against the debtor or guarantor the business development corporation shall be entitled to an award of reasonable attorneys…