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154.33-550 Kentucky Appalachian regional development fund.
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There is created and established a fund to be known as the Kentucky Appalachian
regional development fund to be administered by the Department for Local
Government.
The Kentucky Appalachian regional development fund shall be comprised of state
appropriations, repayment of loans and interest made from the funds, and interest
earnings generated for the fund.
The purpose of this fund is to provide a source from which the Department for
Local Government may make loans, grants, and investments in accordance with the
purposes and procedures established in KRS 154.33-552 and 154.33-554, at such
interest rates and for such terms as may be determined by the commissioner or his
or her designee, with security for repayment as deemed necessary and reasonable.
The proceeds of any loan, grant, or investment shall be used solely for the purposes
identified in KRS 154.33-552 and as may be further provided in the agreement;
however, no moneys from this fund shall be used to carry on propaganda or
otherwise used to influence legislation.
Any unallotted or unencumbered balances in the fund shall be invested pursuant to
KRS 42.500. Interest earned from the investment of these funds shall accrue to the
Kentucky Appalachian regional development fund.
The balance in the Kentucky Appalachian regional development fund shall be
treated as a continuing appropriation and shall not lapse at the end of the fiscal year.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 58, sec. 2, effective June 24, 2015. -- Created
1990 Ky. Acts ch. 105, sec. 9, effective March 20, 1990.
Formerly codified as KRS 154B.116
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