Kentucky Statutes 164.7911 – Strategic Investment and Incentive Funding Program — Trust funds — Interest — Appropriations
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(1) There is established and created in the Council on Postsecondary Education a Strategic Investment and Incentive Funding Program for postsecondary education to consist of a system of strategic financial assistance awards to institutions, systems, agencies, and programs of postsecondary education to advance the goals of postsecondary education as stated in KRS § 164.003(2). There are established in the State Treasury the following individual strategic investment and incentive trust funds:
(a) A research challenge trust fund;
(b) A comprehensive university excellence trust fund; (c) A technology initiative trust fund;
(d) A physical facilities trust fund;
(e) A postsecondary workforce development trust fund; and
(f) A student financial aid and advancement trust fund.
(2) The funding program and the individual trust funds are created to provide financial assistance to the institutions, systems, agencies, and programs of postsecondary education each fiscal biennium. It is the intent of the General Assembly to make appropriations, including general fund appropriations, each fiscal biennium to each of the individual trust funds in the funding program in a form and manner consistent with the strategic agenda adopted by the Council on Postsecondary Education. Appropriations made to individual trust funds in the Strategic Investment and Incentive Funding Program shall not lapse at the end of a fiscal year but shall be carried forward in the respective trust fund accounts and shall be available for allotment for their respective purposes in the next fiscal year.
Effective: July 15, 2008
History: Amended 2008 Ky. Acts ch. 113, sec. 12, effective July 15, 2008. — Created
1997 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 7, effective May 30, 1997.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, J, 1, (1) at 1692.
(a) A research challenge trust fund;
Terms Used In Kentucky Statutes 164.7911
- Biennium: means the two (2) year period commencing on July 1 in each even- numbered year and ending on June 30 in the ensuing even-numbered year. See Kentucky Statutes 446.010
- 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
- Council: means the Council on Postsecondary Education created in KRS §. See Kentucky Statutes 164.001
- 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.
- Goals: means the six (6) goals specified in KRS §. See Kentucky Statutes 164.001
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Strategic agenda: means the state strategic postsecondary education agenda described in KRS §. See Kentucky Statutes 164.001
- Year: means calendar year. See Kentucky Statutes 446.010
(b) A comprehensive university excellence trust fund; (c) A technology initiative trust fund;
(d) A physical facilities trust fund;
(e) A postsecondary workforce development trust fund; and
(f) A student financial aid and advancement trust fund.
(2) The funding program and the individual trust funds are created to provide financial assistance to the institutions, systems, agencies, and programs of postsecondary education each fiscal biennium. It is the intent of the General Assembly to make appropriations, including general fund appropriations, each fiscal biennium to each of the individual trust funds in the funding program in a form and manner consistent with the strategic agenda adopted by the Council on Postsecondary Education. Appropriations made to individual trust funds in the Strategic Investment and Incentive Funding Program shall not lapse at the end of a fiscal year but shall be carried forward in the respective trust fund accounts and shall be available for allotment for their respective purposes in the next fiscal year.
Effective: July 15, 2008
History: Amended 2008 Ky. Acts ch. 113, sec. 12, effective July 15, 2008. — Created
1997 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 7, effective May 30, 1997.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, J, 1, (1) at 1692.