State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 154-50 > 020

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154.50-020 Legislative findings of fact -- Purpose of KRS 154.50-020 to 154.50-030. (1) It is hereby found, determined, and declared as a legislative finding of fact that the general welfare of the citizens of the Commonwealth is directly related to the <br>economic and employment opportunities available to them, and it is the legitimate <br>business of the Kentucky state government to provide to the maximum extent <br>practicable, the impetus for and assistance to economic development in the <br>Commonwealth through the provision of monetary assistance to industrial entities <br>for industrial improvement projects which will directly and proximately cause the <br>improvement and retention of industry and employment in the Commonwealth. (2) It is hereby further found, determined, and declared as a legislative finding of fact that the improvement and retention of manufacturing, processing, and assembling <br>facilities will proximately result in: <br>(a) The creation or retention of employment opportunities; or <br>(b) The creation or retention of tax revenues to the Commonwealth, as a taxing entity, which would not be available to the citizens of the Commonwealth or <br>received by the Commonwealth but for the improvement and retention of the <br>facilities and which creation or retention of employment opportunities or tax <br>revenues are hereby found, determined, and declared to constitute receipt of <br>value by the Commonwealth for the monetary assistance which it may provide <br>pursuant to KRS 154.50-020 to 154.50-030 to industrial entities undertaking <br>industrial improvement projects located in this state. (3) It is the purpose of KRS 154.50-020 to 154.50-030 to promote and foster the gainful employment, business, and economic development opportunities and general <br>welfare of the citizens and residents of the Commonwealth which will result in the <br>alleviation or prevention of unemployment and the general stability of the economy <br>of Kentucky. This purpose will be accomplished by the creation of the authority to <br>enable the Commonwealth to provide monetary assistance to industrial entities, for <br>the improvement and retention of industrial manufacturing, processing, or <br>assembling facilities in the Commonwealth which, in return, will create or retain <br>employment opportunities for citizens of the Commonwealth or will create or retain <br>tax revenues. The authority granted by KRS 154.50-020 to 154.50-030 and the <br>purposes to be accomplished by KRS 154.50-020 to 154.50-030 are hereby declared <br>to be public purposes for which public money may be expended. Effective: July 13, 1990 <br>History: Created 1990 Ky. Acts ch. 306, sec. 2, effective July 13, 1990 <br>Formerly codified as KRS 154.770