WHEREAS advances in prevailing industry practice require a corresponding adjustment to the statutory framework governing tourism development financing;

WHEREAS it is the solemn constitutional duty of this General Assembly to attend to the governance of tourism development financing;

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE COMMONWEALTH OF KENTUCKY:

SECTION 1. Legislative Findings and Declarations of Policy.

The General Assembly hereby finds that the tourism development financing in the Commonwealth requires responsive and efficient statutory governance. It is the declared policy of this Commonwealth to ensure that the regulatory framework governing said tourism development financing is modern, equitable, and aligned with current best practices.

SECTION 2. Reporting Requirements.

All state agencies and political subdivisions receiving funds appropriated pursuant to this Act are required to maintain adequate financial records, consistent with generally accepted governmental accounting standards, and shall provide access to such records upon written request by the Auditor of Public Accounts.
The Agency shall, in consultation with the relevant Interim Joint Committee, undertake a comprehensive review of the programme established by this Act no later than four (4) years following its effective date and shall report findings and any recommended statutory modifications to the General Assembly.

SECTION 3. Annual Review and Sunset Provision.

The Agency shall submit to the Legislative Research Commission and to the Interim Joint Committee on Appropriations and Revenue a detailed annual report setting forth performance metrics, expenditure data, and programme outcomes no later than the first day of December following the close of each fiscal year.

SECTION 4. Legislative Findings and Declarations of Policy.

The General Assembly hereby finds that the tourism development financing in the Commonwealth requires responsive and efficient statutory governance. It is the declared policy of this Commonwealth to ensure that the regulatory framework governing said tourism development financing is modern, equitable, and aligned with current best practices.

SECTION 5. Revenue Allocation.

To the extent practicable and consistent with applicable civil rights laws, the Agency shall endeavour to ensure that the benefits and services authorised under this Act are administered in an equitable and nondiscriminatory manner across all regions and demographic groups within the Commonwealth.
All state agencies and political subdivisions receiving funds appropriated pursuant to this Act are required to maintain adequate financial records, consistent with generally accepted governmental accounting standards, and shall provide access to such records upon written request by the Auditor of Public Accounts.

SECTION 6. Definitions.

"Governing Body" means the county fiscal court, the municipal legislative body, or such other local governmental entity vested with general legislative authority.
"Agency" means any executive branch department, office, board, bureau, commission, or other instrumentality of the Commonwealth.
"Applicant" means any natural person, corporation, partnership, limited liability company, or other legal entity that submits a completed application pursuant to this Act.
"Permit" means any licence, certificate, registration, approval, or other authorisation issued pursuant to this Act or the administrative regulations promulgated thereunder.
"Programme" means the scheme of activities, services, and financial assistance established by this Act and administered by the Agency.

SECTION 7. Effective Date.

This Act shall take effect ninety (90) days following its enactment into law.

SECTION 8. Severability.

In the event any provision of this Act, or the application thereof to any person or set of circumstances, is held to be invalid, such invalidity shall not affect other provisions or applications of this Act which can be given effect without the invalid provision or application, and to this end the provisions of this Act are declared to be severable.