164.6027 Kentucky rural innovation fund.
There is established and created in the State Treasury a fund entitled the "Kentucky Rural <br>Innovation Fund" for the purpose of enabling small, rural Kentucky-based firms to <br>undertake research and development, and entrepreneurial innovation work in partnership <br>with postsecondary institutions in the Commonwealth. The fund may receive state <br>appropriations, gifts, grants, federal funds, revolving funds, and any other funds both <br>public and private. Moneys deposited in the fund shall be disbursed by the State Treasurer <br>upon the warrant of the secretary of the Finance and Administration Cabinet. Any <br>unallocated or unencumbered balances in the fund shall be invested as provided in KRS <br>42.500(9), and any income earned from the investments along with the unallotted or <br>unencumbered balances in the fund shall not lapse, and shall be deemed a trust and <br>agency account and made available solely for the purposes and benefits of the Kentucky <br>Rural Innovation Program.
Effective: July 14, 2000 <br>History: Created 2000 Ky. Acts ch. 522, sec. 9, effective July 14, 2000.
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