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

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 This material may not be published, broadcast, or rewritten without permission.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.

Posted on 2/2/14
3/13 - 16
1 DOW 17,976.31
+263.65 (1.49%)    
2 S&P 2,086.24
+25.22 (1.22%)    
3 NASDAQ 4,947.44
+56.22 (1.15%)    
3/13 - 16

Most Read This Week

March 27, 2015 5926

Three Arrested during Execution of Search…

by Madisonville Police Department/Hopkins County Detention Center
March 25, 2015 5443

Fazoli's, Roses Coming to Madisonville

by Amber Averitt, SurfKY News
March 24, 2015 5193

One Dies, Another Injured in Mortons Gap Traffic…

by Deputy Heath Owens
March 25, 2015 5129

Grand Jury Finds No Criminal Wrongdoing in Bean…

by Doreen Dennis, SurfKY News
March 24, 2015 4291

UPDATE: One Injured in Hopkinsville Road Accident

by Doreen Dennis, SurfKY News
March 25, 2015 4136

Madisonville Man's Living Room Leap Lands Him in…

by Madisonville Police Department / Hopkins County Detention Center

Most Read This Month

March 09, 2015 13869

Multi-Agency Drug Bust Results in $1 Million Meth…

by KSP DESI
March 02, 2015 11639

Madisonville Teen Faces Numerous Drug Charges

by Madisonville Police Department/Hopkins County Detention Center

Stories Trending Today

March 30, 2015 3573

Man Charged with Child Abuse After Allegedly…

by Madisonville Police Department
March 30, 2015 2189

Juvenile Arrested for Cruelty to Animals

by Hopkins County Sheriff's Office
March 30, 2015 1958

Two Charged in Bremen Meth Bust

by Sheriff Curtis McGehee
March 30, 2015 1797

Man Charged for Selling Drugs from Red Cardinal…

by Madisonville Police Department
March 30, 2015 1554

Report of Suspicious Man Ends with PI, Meth…

by Madisonville Police Department
March 29, 2015 1253

Huge Turnout Joins to Support Shanice Bean Family

by Tammy Holloway, SurfKY News
March 29, 2015 1091

Should Inactivity be Classified as a Disease?

by Mallory Powell
March 30, 2015 915

Madisonville Police Arrest Reports - March 30,…

by Madisonville Police Department
March 29, 2015 913

Covenant Community Church Hosts Annual…

by Tammy Holloway, SurfKY News
March 29, 2015 833

North American Stainless to Make $150 Million…

by Office of the Governor