Kentucky Statutes 171.325 – Local history trust fund — Purpose — Application, qualification, and approval standards — Administrative regulations
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(1) The local history trust fund is created as a separate trust fund. The fund shall consist of moneys collected from the income tax checkoff created under KRS § 141.441 and any other proceeds from grants, contributions, appropriations, or other moneys made available for the purposes of the trust fund.
(2) Trust fund amounts not expended at the close of a fiscal year shall not lapse but shall be carried forward to the next fiscal year.
(3) Any interest earnings of the trust fund shall become a part of the trust fund and shall not lapse.
(4) Trust fund moneys shall be used to support local history through grants made to local history organizations in Kentucky. Funds shall be administered and distributed by the Kentucky Historical Society for the purposes directed in this section.
(5) Moneys transferred to the trust fund pursuant to KRS § 141.441 are hereby appropriated for the purposes set forth in this section.
(6) The Kentucky Historical Society shall develop standards for qualifying applicants, and for applying and approving grants from the trust fund, and may promulgate administrative regulations as needed to implement this section.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 102, sec. 14, effective July 15, 2014.
(2) Trust fund amounts not expended at the close of a fiscal year shall not lapse but shall be carried forward to the next fiscal year.
Terms Used In Kentucky Statutes 171.325
- 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.
- Year: means calendar year. See Kentucky Statutes 446.010
(3) Any interest earnings of the trust fund shall become a part of the trust fund and shall not lapse.
(4) Trust fund moneys shall be used to support local history through grants made to local history organizations in Kentucky. Funds shall be administered and distributed by the Kentucky Historical Society for the purposes directed in this section.
(5) Moneys transferred to the trust fund pursuant to KRS § 141.441 are hereby appropriated for the purposes set forth in this section.
(6) The Kentucky Historical Society shall develop standards for qualifying applicants, and for applying and approving grants from the trust fund, and may promulgate administrative regulations as needed to implement this section.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 102, sec. 14, effective July 15, 2014.