AN ACT relating to economic development.

This bill amends Kentucky law to make a technical correction to the definition and administration of the state's Economic Development Fund. It clarifies how the fund is funded through bonds or appropriations and outlines specific criteria for selecting projects, including job creation potential, public involvement, and investment amounts. The bill requires applicants to submit detailed commitments about job projections and investment breakdowns before receiving funding, and it establishes a process for reviewing projects through state committees. Additionally, it ensures that funds do not lapse at the end of each budget cycle and mandates annual public reporting on fund usage and repayment status.