Kentucky Statutes 7B.080 – Kentucky Long-Term Policy Research Center fund — Investment of moneys — Appropriations
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(1) The operation of the center shall be funded from the restricted agency fund established in subsection (3) of this section.
(2) There is hereby established a fiduciary fund to be entitled the Kentucky Long-Term Policy Research Center fund. The fund may receive appropriations, gifts, grants, and federal funds. Moneys in the fund shall not lapse back to the General Fund at the end of any fiscal year. Moneys in the fund shall be invested by the Office of Financial Management within the Office of the Controller, consistent with the provisions of KRS Chapter 42.
(3) A restricted agency fund account is established to receive the interest on the fiduciary fund and any other resources made available to the center. Interest from the fiduciary fund shall be credited to the restricted agency fund account on a monthly basis for the center’s operations. Moneys in the account shall be invested by the Office of Financial Management within the Office of the Controller, consistent with the provisions of KRS Chapter 42.
(4) Any appropriation by the General Assembly to the fiduciary fund shall remain intact and shall not be available to the board, and should the center and its functions terminate, the principal and any remaining interest from other accumulated funds shall revert to the general fund of the Commonwealth or to the donor.
Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 25, effective June 20, 2005. — Amended
2000 Ky. Acts ch. 46, sec. 2, effective July 14, 2000. — Created 1992 Ky. Acts ch.
103, sec. 8, effective July 14, 1992.
2020-2022 Budget Reference. See Legislative Branch Budget, 2020 Ky. Acts ch. 84, Pt.
I, 1, (3) at 698.
(2) There is hereby established a fiduciary fund to be entitled the Kentucky Long-Term Policy Research Center fund. The fund may receive appropriations, gifts, grants, and federal funds. Moneys in the fund shall not lapse back to the General Fund at the end of any fiscal year. Moneys in the fund shall be invested by the Office of Financial Management within the Office of the Controller, consistent with the provisions of KRS Chapter 42.
Terms Used In Kentucky Statutes 7B.080
- branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
- Donor: The person who makes a gift.
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Fiduciary: A trustee, executor, or administrator.
- 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.
(3) A restricted agency fund account is established to receive the interest on the fiduciary fund and any other resources made available to the center. Interest from the fiduciary fund shall be credited to the restricted agency fund account on a monthly basis for the center’s operations. Moneys in the account shall be invested by the Office of Financial Management within the Office of the Controller, consistent with the provisions of KRS Chapter 42.
(4) Any appropriation by the General Assembly to the fiduciary fund shall remain intact and shall not be available to the board, and should the center and its functions terminate, the principal and any remaining interest from other accumulated funds shall revert to the general fund of the Commonwealth or to the donor.
Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 25, effective June 20, 2005. — Amended
2000 Ky. Acts ch. 46, sec. 2, effective July 14, 2000. — Created 1992 Ky. Acts ch.
103, sec. 8, effective July 14, 1992.
2020-2022 Budget Reference. See Legislative Branch Budget, 2020 Ky. Acts ch. 84, Pt.
I, 1, (3) at 698.