2006 Kentucky Revised Statutes - .785   Energy development and demonstration trust fund -- Indemnity account.

152.785 Energy development and demonstration trust fund -- Indemnity account. (1) There is hereby established in the treasury of the Commonwealth a trust fund to be known as the "Energy Development and Demonstration Trust Fund," herein referred to as the "fund." The fund shall consist of such amounts as may be appropriated by the General Assembly, interest earned on moneys of the fund, grants, or private contributions for the purpose of implementing KRS 152.750 to 152.780. The fund shall be managed by the board and all expenditures therefrom must be approved by the board or its designated representative or the successor positions. Unexpended balances in the fund shall be invested in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States, of maturities not in excess of five (5) years, and the interest on and proceeds from the sale or redemption of any investments held in the fund shall be credited to and form a part of the fund. (2) It shall be the duty of the board or its delegate to manage the fund for the purposes authorized herein, and to use the fund to satisfy the obligation of the state to share proportionally with the federal government and any private participant or participants the capital costs and expenses of any authorized demonstration project or projects. If expenditures from the fund have not been made or committed as a part of the Commonwealth's obligation for financial participation in any development or demonstration project on or before January 1, 1979, the entire fund shall revert to the general expenditure fund of the Commonwealth. (3) The secretary of the Finance and Administration Cabinet is hereby authorized to establish an "indemnity account" within the "fund" and to allocate moneys to the account from funds appropriated or otherwise available in the fund. The indemnity account shall be used to satisfy any court judgments under KRS 152.770 to the extent that moneys are available in said indemnity account. Effective: June 17, 1978 History: Amended 1978 Ky. Acts ch. 155, sec. 41, effective June 17, 1978. -- Amended 1976 Ky. Acts ch. 299, sec. 27. -- Created 1974 Ky. Acts ch. 78, sec. 8.