2014 Kentucky Revised Statutes CHAPTER 41 - DEPARTMENT OF THE TREASURY 41.606 Linked deposit investment program -- Purpose -- Reports -- Authority for administrative regulations.
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41.606 Linked deposit investment program -- Purpose -- Reports -- Authority
for administrative regulations.
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The State Investment Commission may invest in linked deposits as provided
for in KRS 42.510. Investment moneys shall be derived from the state's
unclaimed and abandoned property program set forth in KRS Chapter 393.
Investment moneys shall be in low interest loans for agricultural production or
for small business expansion or development.
There is hereby created a "linked deposit investment program" in the Kentucky
Agricultural Finance Corporation whose purpose is to monitor link deposit loans
for eligible agribusinesses through approved state financial institutions in
accordance with administrative regulations promulgated pursuant to subsection
(7) of this section.
There is hereby created a "linked deposit investment program" in the Cabinet
for Economic Development whose purpose is to monitor link deposit loans for
eligible small businesses through approved state financial institutions in
accordance with administrative regulations promulgated pursuant to subsection
(7) of this section.
The State Investment Commission may accept or reject a linked investment, or
any portion thereof, with the eligible lending institution. If it is determined by the
Kentucky Agricultural Finance Corporation or the Cabinet for Economic
Development that the lending institution has violated standards of the linked
deposit investment program, the commission shall reject the linked investment.
The State Investment Commission, the Kentucky Agricultural Finance
Corporation, and the Cabinet for Economic Development, shall annually, by
October 1 for the preceding state fiscal year, make a report on the Linked
Deposit Investment Program to the Governor and to the leadership of the
General Assembly who shall, in turn, transmit it to the appropriate legislative
committees for consideration. The report shall include information regarding the
nature, terms, and amounts of the loans upon which the linked investments
were based, and the eligible small businesses and agribusinesses who
received the loans. In order to comply with these provisions, participating
institutions shall supply information as required by administrative regulation.
The Kentucky Agricultural Finance Corporation and the Cabinet for Economic
Development, in consultation with the State Investment Commission, shall
promulgate administrative regulations pursuant to KRS Chapter 13A setting
forth the conditions for which small businesses and agribusinesses are eligible
for loans made available through the Linked Deposit Investment Program.
Effective:July 13, 2004
History: Amended 2004 Ky. Acts ch. 41, sec. 2, effective July 13, 2004. -- Created
1996 Ky. Acts ch. 208, sec. 5, effective July 15, 1996.
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