Kentucky Statutes 42.520 – Priority for assignment of public funds
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(1) The State Investment Commission shall assign public funds to public depositories by priority based on evidence that the public depository serves the convenience and economic development needs of the communities in which they are chartered to do business. The convenience and needs of communities shall include the need for credit services as well as deposit services.
(2) The State Investment Commission shall only assign priorities to public depositories on the basis of compliance with regulations promulgated pursuant to KRS Chapter
13A.
Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 208, sec. 2, effective July 15, 1996. — Amended
1994 Ky. Acts ch. 276, sec. 8, effective July 15, 1994. — Created 1982 Ky. Acts ch.
382, sec. 10, effective July 15, 1982.
(2) The State Investment Commission shall only assign priorities to public depositories on the basis of compliance with regulations promulgated pursuant to KRS Chapter
Terms Used In Kentucky Statutes 42.520
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- public funds: means sums actually received in cash or negotiable instruments from all sources unless otherwise described by any state agency, state- owned corporation, university, department, cabinet, fiduciary for the benefit of any form of state organization, authority, board, bureau, interstate compact, commission, committee, conference, council, office, or any other form of organization whether or not the money has ever been paid into the Treasury and whether or not the money is still in the Treasury if the money is controlled by any form of state organization, except for those funds the management of which is to be reported to the Legislative Research Commission pursuant to KRS §. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
13A.
Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 208, sec. 2, effective July 15, 1996. — Amended
1994 Ky. Acts ch. 276, sec. 8, effective July 15, 1994. — Created 1982 Ky. Acts ch.
382, sec. 10, effective July 15, 1982.