WHEREAS advances in prevailing industry practice require a corresponding adjustment to the statutory framework governing environmental impact mitigation;

WHEREAS the legislative record clearly reflects a substantial need for the modernisation of environmental impact mitigation;

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 environmental impact mitigation 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 environmental impact mitigation is modern, equitable, and aligned with current best practices.

SECTION 2. Rulemaking Authority.

Nothing in this Act shall be construed to limit, abridge, or otherwise affect the rights, privileges, or immunities of any person protected under the Constitution of the United States or the Constitution of the Commonwealth of Kentucky.

SECTION 3. Environmental Review.

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.

SECTION 4. Scope and Application.

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.
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 5. Definitions.

"Applicant" means any natural person, corporation, partnership, limited liability company, or other legal entity that submits a completed application pursuant to this Act.
"Regulated Activity" means any commercial, industrial, agricultural, or professional activity subject to oversight under the provisions of this Act.
"Qualified Entity" means any person or organisation that meets the eligibility criteria established pursuant to Section 3 of this Act.
"Programme" means the scheme of activities, services, and financial assistance established by this Act and administered by the Agency.
"Fiscal Year" means the twelve-month period commencing on July 1 of each calendar year and terminating on June 30 of the succeeding calendar year.

SECTION 6. Effective Date.

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

SECTION 7. 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.