The cabinet and the State Treasurer may employ such assistance and incur such expenses as are necessary to carry out the purposes of KRS § 56.070 to KRS § 56.180. All such expenses may be debited against the state fire and tornado insurance fund, and paid on warrant of the cabinet, but the total of such expenses during any fiscal year shall not exceed ten percent (10%) of the total receipts of the fund during the same fiscal year. If such expenses are incurred at a time when there is not a sufficient amount in the fund to pay them, they shall constitute a prior claim to be paid out of the first receipts of the fund thereafter before any damages on account of insured losses are paid.
Effective: July 15, 2010
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Terms Used In Kentucky Statutes 56.150

  • Cabinet: means the Finance and Administration Cabinet. See Kentucky Statutes 56.440
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Year: means calendar year. See Kentucky Statutes 446.010

History: Amended 2010 Ky. Acts ch. 24, sec. 47, effective July 15, 2010. — Amended
1950 Ky. Acts ch. 192, sec. 7. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. sec. 4636-32.

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