Kentucky Statutes 56.180 – Use of fund — Disposition of excess
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(1) On or after March 29, 2023, until June 30, 2025, if at the end of any fiscal year the moneys and securities to the credit of the state fire and tornado insurance fund exceed one hundred million dollars ($100,000,000), that excess shall be transferred to the general fund.
(2) On or after July 1, 2025, if at the end of any fiscal year the moneys and securities to the credit of the state fire and tornado insurance fund exceed ten million dollars ($10,000,000), any such excess shall be transferred to the general fund.
(3) The moneys and securities to the credit of the state fire and tornado insurance fund shall not be used for any purpose unrelated to fund operations.
Effective: March 29, 2023
History: Amended 2023 Ky. Acts ch. 135, sec. 4, effective March 29, 2023. — Amended 2012 Ky. Acts ch. 83, sec. 4, effective July 12, 2012. — Amended 1982
Ky. Acts ch. 406, sec. 7, effective July 15, 1982. — Amended 1962 Ky. Acts ch. 45, sec. 1. — Amended 1958 Ky. Acts ch. 137, sec. 1. — Amended 1954 Ky. Acts ch.
225, sec. 4. — Amended 1946 Ky. Acts ch. 130, sec. 2. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4636-35.
(2) On or after July 1, 2025, if at the end of any fiscal year the moneys and securities to the credit of the state fire and tornado insurance fund exceed ten million dollars ($10,000,000), any such excess shall be transferred to the general fund.
Terms Used In Kentucky Statutes 56.180
- 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
(3) The moneys and securities to the credit of the state fire and tornado insurance fund shall not be used for any purpose unrelated to fund operations.
Effective: March 29, 2023
History: Amended 2023 Ky. Acts ch. 135, sec. 4, effective March 29, 2023. — Amended 2012 Ky. Acts ch. 83, sec. 4, effective July 12, 2012. — Amended 1982
Ky. Acts ch. 406, sec. 7, effective July 15, 1982. — Amended 1962 Ky. Acts ch. 45, sec. 1. — Amended 1958 Ky. Acts ch. 137, sec. 1. — Amended 1954 Ky. Acts ch.
225, sec. 4. — Amended 1946 Ky. Acts ch. 130, sec. 2. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4636-35.