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151B.470 Assistive technology loan fund established -- Use -- Administration.
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There is established in the State Treasury a permanent and perpetual fund to be
known as the assistive technology loan fund, consisting of moneys that may be
appropriated by the General Assembly, gifts, bequests, endowments, or grants from
the United States government, its agencies and instrumentalities, and any other
available sources of funds, public and private. Any fund balance at the close of a
fiscal year shall not lapse but shall be carried forward to the next fiscal year, and
moneys in the fund shall be continuously appropriated only for the purposes
specified in this section. Interest and income earned from the investment of funds
shall remain in the fund and be credited to it.
The fund shall be used to provide loans to qualified borrowers within the
Commonwealth for the purpose of acquiring assistive technology designed to help
individuals with disabilities become more independent. Loans shall be made to
qualified borrowers through qualified lenders with the fund being used as
appropriate to negotiate reduced interest rates, to buy down interest rates, and to
provide loan guarantees.
The fund shall be under the administrative control of the board.
If the corporation is dissolved, any unencumbered moneys appropriated by the
General Assembly remaining in the fund shall revert to the general fund, and any
other unencumbered moneys shall be transferred to the Education and Workforce
Development Cabinet to be expended for programs and services for Kentuckians
with disabilities.
Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 11, sec. 30, effective June 25, 2009. -- Amended
2006 Ky. Acts ch. 211, sec. 59, effective July 12, 2006. -- Created 1996 Ky. Acts
ch. 222, sec. 5, effective July 15, 1996.
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