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157.618
Emergency and targeted investment fund -- Purposes -Reimbursement requirement -- Administrative regulations -- Annual
report.
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The emergency and targeted investment fund is hereby created as a restricted
fund in the State Treasury, to be administered by the School Facilities
Construction Commission.
(a) Notwithstanding KRS 45.229 or any other provision of the Kentucky
Revised Statutes, any appropriations to the School Facilities Construction
Commission that have not been expended at the end of a fiscal year shall
not lapse but shall be transferred to the emergency and targeted
investment fund. The fund may also receive other appropriations from the
General Assembly and reimbursements from local school districts.
(b) Notwithstanding KRS 45.229, amounts remaining in the emergency and
targeted investment fund at the end of a fiscal year shall not lapse but
shall be carried forward to the next fiscal year, to be used for the
purposes set forth in this section.
Notwithstanding KRS 157.620 and 157.622, the commission may use moneys
in the fund to offer grants for the purposes of financing the construction and
equipping of new facilities, or the major renovation of current facilities, if a local
school district's facilities are:
(a) Destroyed or severely damaged by an emergency. For the purposes of
this paragraph, "emergency" means a condition that arises from an
accident, catastrophe, or other unforeseen occurrence such as a fire,
storm, flood, or other event that involves unusual danger to the lives or
property of area residents;
(b) Destroyed or severely damaged through a criminal or negligent act;
(c) Rendered structurally unsound, hazardous, or uninhabitable as
determined by local authorities or the commissioner of education; or
(d) Reasonably expected to be rendered uninhabitable within the course of
two (2) years as determined by local authorities or the commissioner of
education.
If a school district receives assistance from the commission under this section
and subsequently, as a result of litigation or insurance, receives funds for the
original facility, the school district shall reimburse the fund an amount equal to
the amount received pursuant to this section. If the litigation or insurance
receipts are less than the amount received under this section, the district shall
reimburse the fund an amount equal to the amount received as a result of
litigation or insurance, less the district's costs and legal fees in securing the
judgment or payment.
The commission, in cooperation with the department, shall promulgate
administrative regulations under KRS Chapter 13A establishing the process to
apply for and receive funds from the emergency and targeted investment fund.
By October 1 of each year, the commission shall provide a report on the fund's
activities to the Legislative Research Commission.
Effective:July 15, 2014
History: Created 2014 Ky. Acts ch. 102, sec. 32, effective July 15, 2014.
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