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164.754 Education loan funds -- Administration account -- Creation.
There are hereby created, but not by way of limitation, for the purpose of carrying
out the purposes of KRS 164.740 to 164.764 the following special funds:
(1) A "scholarship fund" to which shall be credited all funds appropriated by the
General Assembly to the authority for scholarships, and all funds received from
all other sources for such purposes. All general funds appropriated to this
account shall become a part of this account, and shall not lapse.
(2) A "loan guarantee fund" account to which shall be credited all funds legally
available to the authority and determined by the authority to be applied for the
purpose of guaranteeing loans to eligible students together with all funds
obtained from all other sources for such purposes. Such fund may be invested
as provided by law for the investment of Kentucky Public Employee Retirement
System funds and shall be assigned in trust to a corporate trustee for the
security of the holders of insured student loans; provided, however, that
income derived from investment of such fund shall be returned to the authority
for deposit to the "administration" account of the authority.
(3) An "administration" account to which shall be credited all funds appropriated by
the General Assembly to the authority for administration and all other funds
authorized for administrative costs. The authority may transfer from this
account to the loan fund, grant fund or work-study fund any amounts accruing
in this account not needed to cover the reasonable and necessary
administrative expenses of the authority.
(4) A "loan fund" to which shall be credited all funds appropriated by the General
Assembly for loans and all funds received from all other sources for such
purposes. All general funds appropriated to this account shall become a part of
this revolving account and shall not lapse. These funds may be invested as
provided for the investment of Kentucky Public Employee Retirement System
funds or transferred to the loan guarantee fund. Interest income and other
income from loans or other investments shall be transferred to the
"administration" account of the authority.
(5) A "grant fund" to which shall be credited all funds appropriated by the General
Assembly for grants and all funds received from all other sources for such
purposes.
(6) A "work-study fund" to which shall be credited all funds appropriated by the
General Assembly for work-study payments and all funds received from all
other sources for such purposes.
Effective:July 15, 1982
History: Amended 1982 Ky. Acts ch. 403, sec. 6, effective July 15, 1982. -Amended 1978 Ky. Acts ch. 339, sec. 7, effective June 17, 1978. -- Amended
1976 Ky. Acts ch. 215, sec. 3, effective March 29, 1976. -- Amended 1974 Ky.
Acts ch. 135, sec. 6. -- Created 1966 Ky. Acts ch. 93, sec. 8.
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