Posted on 2/2/14

stumbo greg 300FRANKFORT, Ky. (6/14/13) – Kentucky House Speaker Greg Stumbo said that the use of excess multi-county coal severance revenue to move Rupp Arena renovations forward is not an unprecedented concept, and that he will also work to see the $2.5 million is re-paid as the Fayette County project moves forward.
“In the wake of Wednesday’s story about this issue, I want to first clarify that the multi-county coal severance fund is not used by counties to fund every-day expenses, and there is traditionally a surplus in that account from one budget cycle to the next,” said Speaker Stumbo, D-Prestonsburg. “The multi-county fund was created to improve and assist coal and non-coal counties alike. Some of the more recent examples of projects benefiting non-coal counties include $355,750 to improve broadband coverage and about $2 million for regional industrial projects. Another internet-based initiative funded by coal severance money helps counties beyond the coalfields as well.
“I believe all of these are worthwhile and will have a positive impact. At the same time, there was broad agreement that the Rupp Arena project needed to move forward as well,” Speaker Stumbo added.
“Governor Beshear and the House both included $3.5 million in their budget proposals, with the money to come from bonds that would be paid back from the state’s General Fund. This is a sensible approach, because bonds will be issued to cover the sizeable cost needed to pay for all of the planned renovations. The Senate, however, refused to agree to this approach, so if the Rupp Arena renovations were going to stay on target, we had to find the revenue somewhere. Both House and Senate leaders agreed in a bipartisan way that this excess revenue in the multi-county coal severance fund could help us bridge that gap. When the bonds for renovating Rupp are issued, though, I fully intend to see that the money is replaced back into the multi-county fund, making it more of a loan than a grant.”
“I have fought my whole career in public service for our coal counties and will continue to do so,” he added. “While not what the House originally wanted, this approach on Rupp will not hinder any project in a coal county, and I would not have supported it if I thought it did.”
SurfKY News
Information provided by Brian Wilkerson your social media marketing partner

LIKE SurfKY on Facebook - Click here to LIKE us now.

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story on social media.

Weather Sponsored by

1 DOW 17,798.49
-14.90 (-0.08%)    
2 S&P 2,090.11
+1.24 (0.06%)    
3 NASDAQ 5,127.52
+11.38 (0.22%)    

Stock Report Sponsored by


Most Read This Week

November 24, 2015 10059

Distillery to Operate in Old Graham School…

by SurfKY News
November 21, 2015 8786

Injuries Result from Beulah Road Accident

by Doreen Dennis, SurfKY News
November 23, 2015 7649

Relative Charged with Murder, Arson in Deaths of…

by SurfKY News
November 24, 2015 4670

Ohio County Most Wanted - Top 10 - November 24

by SurfKY News
November 24, 2015 3304

Man Injured When Vehicle Collides with Deer

by SurfKY News

Most Read This Month

November 17, 2015 15896

Ohio County Most Wanted - Top 10 - November 17

by SurfKY News
November 18, 2015 14493

Runaway Teen Returns on His Own

by SurfKY News

Stories Trending Now

November 26, 2015 2602

Muhlenberg Sheriff's Office Makes Cocaine Bust

by SurfKY News
November 25, 2015 2398

Man Hospitalized after Early Morning Car Accident

by SurfKY News
November 27, 2015 2380

Madisonville Man Charged with Attempted Murder…

by SurfKY News
November 26, 2015 1706

Hopkins County Health Department Food Scores…

by SurfKY News
November 27, 2015 1235

First United Bancorp Set to Purchase Town &…

by SurfKY News
November 25, 2015 926

Thanksgiving is Peak Day for Cooking Fires

by SurfKY News
November 27, 2015 901

Hooked on Science - Pinecone Hygrometer

by SurfKY News
November 27, 2015 814

Farm City Breakfast Recognizes Importance of…

by Tammy Holloway, SurfKY News
November 26, 2015 681

Hopkins County Warriors Go to National…

by SurfKY News