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 <br>purposes of KRS 164.740 to 164.764 the following special funds: <br>(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 <br>other sources for such purposes. All general funds appropriated to this account shall <br>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 <br>purpose of guaranteeing loans to eligible students together with all funds obtained <br>from all other sources for such purposes. Such fund may be invested as provided by <br>law for the investment of Kentucky Public Employee Retirement System funds and <br>shall be assigned in trust to a corporate trustee for the security of the holders of <br>insured student loans; provided, however, that income derived from investment of <br>such fund shall be returned to the authority for deposit to the "administration" <br>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 <br>for administrative costs. The authority may transfer from this account to the loan <br>fund, grant fund or work-study fund any amounts accruing in this account not <br>needed to cover the reasonable and necessary administrative expenses of the <br>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. <br>All general funds appropriated to this account shall become a part of this revolving <br>account and shall not lapse. These funds may be invested as provided for the <br>investment of Kentucky Public Employee Retirement System funds or transferred to <br>the loan guarantee fund. Interest income and other income from loans or other <br>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 <br>sources for such purposes.
Effective: July 15, 1982 <br>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 <br>ch. 215, sec. 3, effective March 29, 1976. -- Amended 1974 Ky. Acts ch. 135, sec. 6. <br>-- Created 1966 Ky. Acts ch. 93, sec. 8.
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