41.300 Special deposit trust fund. - Kentucky Statutes

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41.300 Special deposit trust fund. There shall be a special deposit fund consisting of all money received by the state or any
department or officer thereof as guarantees for the payment of any costs, charges or
damages accruing or liable to accrue to the state or for the performance of any specific
act, including all money deposited as bail to secure the liberation of persons accused of
public offenses, all money deposited by bidders on contracts to insure their entering into
contracts awarded them, and all money deposited to indemnify persons whose property
may be damaged or destroyed by the operations of the depositor. All such money shall be
paid to the Treasurer, in the manner provided for the deposit of public money, and shall
be deposited by the Treasurer as a trust fund in a separate account in a designated
depository bank. The money so deposited may be returned to the depositor, if he becomes
entitled to its return, without specific appropriation, allotment or authorization for
expenditure therefor, in the same manner as other claims against the state may be paid, or
may, upon default of any depositor and upon certificate to such effect by the
administrative officer having charge of the matter, be declared by the Finance and
Administration Cabinet to be forfeited in whole or in part and thereupon be transferred to
the extent so forfeited to the general fund. The interest on bank deposits of this fund shall
accrue to the general fund. History: Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 1992b-50.