Section 230.770 - Kentucky standardbred development fund - Contributions - Purposes - Distribution - Administrative regulations(1)(a) There is hereby created a trust and agency account for the Kentucky Horse Racing and Gaming Corporation, designated as the Kentucky standardbred development fund, consisting of moneys allocated to the fund under the provisions of KRS 138.510, together with any other moneys contributed to or allocated to the fund from all other sources.(b) For the purposes of this section, "development fund" or "fund" means the Kentucky standardbred development fund.(c) Moneys to the credit of the development fund shall be transferred in the following order: 1. Seventy-five thousand dollars ($75,000) each fiscal year to the Kentucky problem gambling assistance account established in KRS 230.826; and2. Remaining moneys to the Kentucky Horse Racing and Gaming Corporation for the purposes specified in this section.(d) Moneys to the credit of the fund at the end of each fiscal year shall not lapse but shall be carried forward in the fund to the succeeding fiscal year.(2) The Kentucky Horse Racing and Gaming Corporation shall use the development fund to promote races, and to provide purses for races, for Kentucky-bred standardbred horses.(3) The corporation shall: (a) Account for the moneys in the fund by separating the moneys as required for distribution under subsections (1) and (4) of this section; and(b) Provide for distribution of moneys to the credit of the development fund to persons, corporations, or associations operating licensed standardbred race tracks within Kentucky on an equitable basis, for the purpose of conducting separate races for Kentucky-bred standardbred horses, both trotting and pacing.(4) The corporation shall establish an international harness racing event reserve account of up to nine hundred thousand dollars ($900,000) for a Kentucky track that hosts an international harness racing event spanning multiple days that distributes at least five million dollars ($5,000,000) in purses and awards. Moneys shall be transferred from the development fund as follows: (a) Beginning July 31, 2024, three hundred thousand dollars ($300,000) shall be transferred annually into the event reserve account until the total amount transferred into the event reserve account reaches nine hundred thousand dollars ($900,000);(b) If the event reserve account reaches nine hundred thousand dollars ($900,000), the annual transfer of moneys into the account shall be suspended and shall not resume until a Kentucky track has hosted the event and has received its distribution of moneys under this subsection; and(c) If an event is held and the nine hundred thousand dollars ($900,000) has been distributed to the host track, the annual transfers into the event reserve account under paragraph (a) of this subsection shall resume at that time.(5) Moneys distributed from the development fund to licensed standardbred race tracks within the Commonwealth shall be used exclusively to promote races and provide purses for races conditioned to admit only Kentucky-bred standardbred horses.(6) The Kentucky Horse Racing and Gaming Corporation shall:(a) Fix the amount of moneys to be paid from the development fund to be added to the purse provided for each race by the licensed operator of the track;(b) Fix the dates and conditions of races to be held by licensed race tracks; and(c) Promulgate administrative regulations in accordance with KRS Chapter 13A necessary to carry out the provisions of this section.(7)(a) The Kentucky Horse Racing and Gaming Corporation may promulgate administrative regulations necessary to determine the eligibility of horses for entry in races for which a portion of the purse is provided by moneys of the development fund, including administrative regulations for the eligibility, residency, and registration of mares, stallions, and progeny thereof.(b) Registration of stallions may occur any time during the breeding season, but shall occur no later than December 31 of the year of conception of the eligible horse.(8)(a) The Kentucky Horse Racing and Gaming Corporation shall appoint qualified personnel necessary to supervise registration of, or determination of eligibility of, horses entitled to entry in races, a portion of the purse of which is provided by the development fund, to assist the corporation in determining the conditions, class, and quality of the fund supported race program to be established in this section to carry out the purposes of this section.(b) These persons shall serve at the pleasure of the corporation and compensation shall be fixed by the corporation.(c) The compensation of personnel and necessary expenses shall be paid out of the development fund.(d) The corporation shall administer the Kentucky sire stakes program in a manner best designed to: 1. Promote and aid in the development of the horse industry in Kentucky;2. Upgrade the quality of racing in Kentucky; and3. Improve the quality of horses bred in Kentucky.Amended by 2024 Ky. Acts ch. 171,§ 89, eff. 7/1/2024.Amended by 2024 Ky. Acts ch. 166,§ 6, eff. 4/9/2024.Amended by 2013 Ky. Acts ch. 71,§ 1, eff. 6/24/2013.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 487, effective7/15/2010; and ch. 57, sec. 3, effective7/15/2010. -- Amended 2006, Ky. Acts ch. 234, sec. 3, effective 4/22/2006. -- Amended 2004, Ky. Acts ch. 191, sec. 40, effective 7/13/2004. -- Amended 1992 Ky. Acts ch. 109, sec. 36, effective 3/30/1992. -- Amended 1988 Ky. Acts ch. 376, sec. 12, effective 7/15/1988. -- Created 1976 Ky. Acts ch. 343, sec. 1.