164.6027 Kentucky rural innovation fund. - Kentucky Statutes

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164.6027 Kentucky rural innovation fund. There is established and created in the State Treasury a fund entitled the "Kentucky Rural
Innovation Fund" for the purpose of enabling small, rural Kentucky-based firms to
undertake research and development, and entrepreneurial innovation work in partnership
with postsecondary institutions in the Commonwealth. The fund may receive state
appropriations, gifts, grants, federal funds, revolving funds, and any other funds both
public and private. Moneys deposited in the fund shall be disbursed by the State Treasurer
upon the warrant of the secretary of the Finance and Administration Cabinet. Any
unallocated or unencumbered balances in the fund shall be invested as provided in KRS
42.500(9), and any income earned from the investments along with the unallotted or
unencumbered balances in the fund shall not lapse, and shall be deemed a trust and
agency account and made available solely for the purposes and benefits of the Kentucky
Rural Innovation Program. Effective: July 14, 2000
History: Created 2000 Ky. Acts ch. 522, sec. 9, effective July 14, 2000.