Kentucky Statutes 154.35-044 – Allocation of fund moneys by council — Limitations
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The council shall allocate moneys from the fund for the operation of the infrastructure and the centers subject to the following limitations:
(1) The council may retain not more than eight percent (8%) of the deposits into the fund in any budget year for the central administration of the infrastructure;
(2) After payment of expenses for central administration, not more than twenty-five percent (25%) of the remainder of the fund in any budget year shall be allocated to basic research centers and the balance shall be allocated to applied research centers;
(3) Not more than twenty percent (20%) of the total moneys allocated to applied research centers in any budget year shall be allocated to any one (1) applied research center; and
(4) All moneys allocated to the contracting universities for the operation of the centers shall be paid out in accordance with contracts entered into between the council and the universities;
(5) Notwithstanding the provisions of subsections (1) to (3) of this section:
(a) The council may defer the establishment of all centers for up to four (4) years after July 15, 1994 to allow the fund to grow to sufficient size to support operation of the centers; and
(b) The allocation percentage set forth in subsection (3) of this section may be modified by the council with approval of the cabinet for a period of up to four (4) years after the first center is established.
Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 508, sec. 52, effective July 15, 1994.
(1) The council may retain not more than eight percent (8%) of the deposits into the fund in any budget year for the central administration of the infrastructure;
Terms Used In Kentucky Statutes 154.35-044
- Cabinet: means the Cabinet for Economic Development. See Kentucky Statutes 154.35-010
- Center: means either or both of the following as the context requires:
(a) "Basic research centers" which means centers under contract with the
University of Kentucky and the University of Louisville. See Kentucky Statutes 154.35-010 - Council: means the Kentucky Science and Technology Council, Inc. See Kentucky Statutes 154.35-010
- Fund: means the Kentucky Research and Development Infrastructure fund created and established pursuant to KRS §. See Kentucky Statutes 154.35-010
- Infrastructure: means the Kentucky Research and Development Infrastructure. See Kentucky Statutes 154.35-010
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Year: means calendar year. See Kentucky Statutes 446.010
(2) After payment of expenses for central administration, not more than twenty-five percent (25%) of the remainder of the fund in any budget year shall be allocated to basic research centers and the balance shall be allocated to applied research centers;
(3) Not more than twenty percent (20%) of the total moneys allocated to applied research centers in any budget year shall be allocated to any one (1) applied research center; and
(4) All moneys allocated to the contracting universities for the operation of the centers shall be paid out in accordance with contracts entered into between the council and the universities;
(5) Notwithstanding the provisions of subsections (1) to (3) of this section:
(a) The council may defer the establishment of all centers for up to four (4) years after July 15, 1994 to allow the fund to grow to sufficient size to support operation of the centers; and
(b) The allocation percentage set forth in subsection (3) of this section may be modified by the council with approval of the cabinet for a period of up to four (4) years after the first center is established.
Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 508, sec. 52, effective July 15, 1994.