KRS 142.406 — Tourism, meeting, and convention marketing fund -- Creation and fund sources -- Authorized investments -- Use of funds -- Annual report to Legislative Research Commission and to Governor

(1) There is hereby created and established in the State T reasury a trust and agency
account to be known as the tourism, meeting, and convention marketing fund. The
fund shall be administered by the Tourism, Arts and Heritage Cabinet, with the
approval of the Governor's Office for Policy and Management.
(2) All tax receipts from the tax imposed under KRS 142.400 shall be deposited into
the tourism, meeting, and convention marketing fund, and shall be appropriated for
the purposes set forth in subsection (3) of this section. The fund shall also contain
any other money contributed, allocated, or appropriated to it from any other source.
Money in the fund shall be invested by the Finance and Administration Cabinet in
instruments authorized under KRS 42.500. Investment proceeds shall be deposited
to the credit of the f und. Money in the fund shall not lapse but shall be carried
forward to the next fiscal year or biennium.
(3) The tourism, meeting, and convention marketing fund shall be used for the sole
purpose of marketing and promoting tourism in the Commonwealth inclu ding
expenditures to market and promote events and venues related to meetings,
conventions, trade shows, cultural activities, historical sites, recreation,
entertainment, natural phenomena, areas of scenic beauty, craft marketing, and any
other economic ac tivity that brings tourists and visitors to the Commonwealth.
Marketing and promoting tourism shall not include expenditures on capital
construction projects.
(4) By September 1 of each year, the secretary of the Tourism, Arts and Heritage
Cabinet shall re port to the Governor and the Legislative Research Commission
concerning the receipts, expenditures, and carryforwards of the fund for the
preceding fiscal year.