Create new sections of KRS Chapter 322 to establish and grant scholarships through the Kentucky professional engineer and professional land surveyor incentive scholarship fund; declare legislative intent to address engineer and land surveyor development and needs by providing Kentucky residents with postsecondary scholarships; establish the Kentucky professional engineer and professional land surveyor incentive scholarship fund as a trust and agency accounts direct the engineer and land surveyor board to administer the fund and award scholarships to qualified applicants; require a written contract between the board and the recipient where the recipient agrees to obtain engineer or land surveyor licensure within 6 years of graduation and practice in Kentucky for at least 1 year for each year of scholarships granted; acquire moneys for the fund through penalties and fines, assessments from license renewals, and the board's budgeted funds; make the applicant's failure to complete the terms of the contract subject to recovery of the fund assistance, attorney's fees, and 8% annual interest; require the board to annually report its scholarship data to the Legislative Research Commission for referral to the Interim Joint Committee on Licensing, Occupations, and Administrative Regulations.