All funds credited to the state transportation fund (road fund), from severance tax collection, shall be used for the purposes of paying the annual lease rental payments to the Kentucky Turnpike Authority for resource recovery road projects. Any funds deposited to the credit of the transportation fund (road fund) in excess of the amount required for the annual lease payments shall revert at the close of the fiscal year to the credit of the general fund.
History: Created 1976 Ky. Acts ch. 259, sec. 6.

Terms Used In Kentucky Statutes 175.690

  • authority: shall mean the Turnpike Authority of Kentucky. See Kentucky Statutes 175.410
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • lease: shall mean a written lease made by the authority as lessor and the department as lessee under the provisions of KRS §. See Kentucky Statutes 175.410
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
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