154.20-405 Powers of cabinet under KRS 154.20-400 to 154.20-420.
(1)
(2)
(3)
(4)
(5)
(6)
The cabinet shall have all the powers and authority, not explicitly prohibited by
statute, necessary and convenient to carry out and effectuate the purposes of KRS
154.20-400 to 154.20-420, including but not limited to:
(a) Entering into contracts or agreements necessary or incidental to the
performance of its duties, functions, and responsibilities; and
(b) Soliciting, borrowing, accepting, receiving, and expending funds from any
public or private source, including but not limited to appropriations of the
Commonwealth, grants, or contributions of money, property, labor, or other
things of value to be used to carry out the program's operations, functions, and
responsibilities.
The cabinet may expend money in the fund created in KRS 154.20-410 for
reasonable administrative expenses directly incurred in carrying out the
requirements of KRS 154.20-400 to 154.20-420. It is the intent of the General
Assembly that the fund created in KRS 154.20-410 be used, to the fullest extent
possible, to directly fund project costs. It is also the intent of the General Assembly
that revenues available that are generated through investments of the fund be
redeposited in the fund and that those amounts shall be considered in establishing
appropriations.
The cabinet shall contract with a science and technology organization to administer
the program created in KRS 154.20-400 to 154.20-420. The cabinet shall approve
the application criteria, the process for submission of an application, and the
structure and type of outside expertise or peer review used in the application review
process in the program created in KRS 154.20-400 to 154.20-420.
No member of the cabinet or the science and technology organization or other
administering entity, or their employees or outside experts or their immediate family
members, shall directly or indirectly financially benefit in any award, contract, or
agreement under the program.
The cabinet and the science and technology organization shall submit a joint annual
report prior to October 15 to the Governor and the General Assembly detailing its
work related to the program created in KRS 154.20-400 to 154.20-420. The annual
report shall include but not be limited to reporting on the progress made in
achieving the program's purposes, qualitative and quantitative information
concerning the applications received, projects approved and undertaken, companies
served, funding amounts invested in each project, and findings and
recommendations to increase the program's effectiveness in achieving its purposes.
All records related to the administration of the program created in KRS 154.20-400
to 154.20-420 shall be deemed property of the cabinet and shall be open records and
subject to public inspection under KRS 61.870 to 61.884. Any research or
information that involves or is a patent, trade secret, or other legally protectable
interest shall be exempt from inspection until the intellectual property rights have
been fully protected.
Effective: August 30, 2007
History: Created 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 46, effective August 30,
2007.
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