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164.043 Cancer research institutions matching fund.
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There is hereby created in the State Treasury a cancer research matching fund
designated as the "cancer research institutions matching fund." The fund shall
be administered by the Council for Postsecondary Education. For tax periods
beginning on or after June 1, 2005, the one-cent ($0.01) surtax collected under
KRS 138.140(2) shall be deposited in the fund and shall be made available for
matching purposes to the following universities for cancer research:
(a) One-half (1/2) of the moneys deposited in the fund shall be made
available to the University of Kentucky; and
(b) One-half (1/2) of the moneys deposited in the fund shall be made
available to the University of Louisville.
All interest earned on moneys in the fund shall be credited to the fund.
Any moneys remaining in the fund at the end of the fiscal year shall lapse to
the general fund.
To receive the funds, the universities shall provide dollar-for-dollar matching
funds. The matching funds shall come from external sources to be eligible for
the state match. External source contributions are those that originate outside
the university and its affiliated corporations. The matching funds shall be newly
generated to be eligible for state match. Newly generated contributions are
those received by the university after April 1, 2005.
Moneys transferred to the fund pursuant to subsection (1) of this section are
hereby appropriated for purposes set forth in this section.
The following funds are not eligible for state match:
(a) Funds received from federal, state, and local government sources; and
(b) General fund and student-derived revenues.
Effective:March 20, 2005
History: Created 2005 Ky. Acts ch. 173, Pt. XXV, sec. 4, effective March 20, 2005.
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