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42.560 Energy assistance trust fund -- Allocation of interest.
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There is established in the Treasury of the Commonwealth a trust fund to be
known as the "Energy Assistance Trust Fund" referred to in KRS 42.560 to
42.572 as the "trust fund."
The trust fund shall consist of any oil overcharge refunds which become
available to the state as a result of litigation for alleged overcharges for crude
oil or refined petroleum products sold during the period of time in which federal
price controls on such products were in effect, any moneys as may be
appropriated by the general fund, and any investment interest earned on the
fund.
The fund shall be managed by the state Office of Financial Management within
the Office of the Controller and all moneys in excess of the amount to be
disbursed in a given fiscal year shall be invested to maximize returns. The
principal and any interest earnings of the trust fund shall at no time lapse to the
general fund.
The accumulated interest shall be made available as follows:
(a) Fifty percent (50%) to the Finance and Administration Cabinet to be
allocated to weatherization services to low-income households; and
(b) Fifty percent (50%) to the Cabinet for Health and Family Services to be
allocated to low-income energy assistance services.
The funds to be available for expenditure in any fiscal year shall be
appropriated by the General Assembly from the trust fund as provided in KRS
48.300.
Effective:July 12, 2012
History: Amended 2012 Ky. Acts ch. 69, sec. 5, effective July 12, 2012; and ch.
158, sec. 8, effective July 12, 2012. -- Amended 2005 Ky. Acts ch. 85, sec. 56,
effective June 20, 2005; and ch. 99, sec. 102, effective June 20, 2005. -Amended 2000 Ky. Acts ch. 46, sec. 10, effective July 14, 2000. -- Amended
1998 Ky. Acts ch. 426, sec. 81, effective July 15, 1998. -- Amended 1990 Ky.
Acts ch. 321, sec. 6, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 10,
sec. 1, effective February 19, 1988. -- Created 1986 Ky. Acts ch. 262, sec. 1,
effective April 3, 1986.
Legislative Research Commission Note (7/12/2012). This statute was amended
by 2012 Ky. Acts chs. 69 and 158, which do not appear to be in conflict and
have been codified together.
Legislative Research Commission Note (7/12/2012). 2012 Ky. Acts ch. 158, sec.
82, provides: "The Finance and Administration Cabinet, which is assigned the
functions, duties, and responsibilities associated with the administration of the
weatherization program operated in accordance with the requirements for
funding received from the United States Department of Energy and any
subordinate entities in Executive Order 2011-353 and this Act, is hereby
authorized to engage and contract with the Kentucky Housing Corporation to
operate and manage the weatherization program if the cabinet deems it to be in
the best interest of the weatherization program and the Commonwealth of
Kentucky."
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