(1) The Kentucky Tobacco Research and Development Center shall prepare a proposed research program and budget request for each fiscal year and shall present such documents to the Kentucky Tobacco Research Board for consideration and approval. The budget shall be based on revenue estimates as provided in KRS 248.550.
(2) The budget shall provide for payment of expenses incurred by Kentucky Tobacco Research Board members as provided in subsection (2) of KRS 248.510, and for other administrative costs of the board.
(3) The Kentucky Tobacco Research Board shall consider the university recommendations and shall approve a budget for each fiscal year which shall be the basis for expending funds appropriated by KRS 248.510 to 248.570. The budget and proposed research program shall be considered by the board in terms of the intent of KRS 248.510 to 248.570.
(4) The university is authorized to proceed to execute the budget approved by the Kentucky Tobacco Research Board and may expend funds accordingly, and, the Finance and Administration Cabinet is hereby authorized to issue warrants for this purpose upon request by the university.
(5) Copies of the approved budget shall be filed by the board with the Legislative Research Commission and the Finance and Administration Cabinet.