(1) The tax revenues received from the additional one-half cent ($0.005) tax levied by Chapter 255 of the Acts of 1970 shall be credited to a tobacco research-trust fund which is hereby created.
(2) Federal funds which may be made available to supplement or match state funds for research programs provided for by KRS § 248.510 to KRS § 248.570 shall be credited to the trust fund created in subsection (1) of this section.

Terms Used In Kentucky Statutes 248.540

  • Biennium: means the two (2) year period commencing on July 1 in each even- numbered year and ending on June 30 in the ensuing even-numbered year. See Kentucky Statutes 446.010
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • 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.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Year: means calendar year. See Kentucky Statutes 446.010

(3) Funds deposited to the credit of the tobacco research-trust fund shall be used to finance the research programs authorized under the provisions of KRS § 248.510 to
248.570 and for no other purpose.
(4) Funds unexpended at the close of a fiscal year shall not lapse but shall be carried forward to the next fiscal year or biennium, provided, however, that such surplus shall be included in the budget considered and approved by the board for the ensuing period.
Effective: July 15, 2002
History: Amended 2002 Ky. Acts ch. 98, sec. 4, effective July 15, 2002. — Created
1970 Ky. Acts ch. 255, sec. 6.

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