164.6017 Powers and duties of Cabinet for Economic Development to carry out
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/ky/164-6017A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
purposes of KRS 164.6019 to 164.6029 and related statutes.
(1)The cabinets shall have all the powers and authority, not explicitly prohibited by
statute, necessary and convenient to carry out and effectuate the purposes of KRS
164.6019 to 164.6029, including but not limited to:
(a)Entering into contracts or agreements necessary or incidental to the
performance of its duties, functions, and responsibilities; and
(b)Soliciting, borrowing, accepting, receiving, and expending funds from any
public or private source, including but not limited to general fund
appropriations of the Commonwealth, grants, or contributions of money,
property, labor, or other things of value to be used to carry out the programs'
operations, functions, and responsibilities; and
(c)Notwithstanding the provisions in paragraph
(a)of this subsection, the
executive director of the Office of Entrepreneurship and Innovation shall
approve the contracts issued by the cabinet regarding the structure of
programs and funding levels in those programs administered by a science and
technology organization and created in KRS 154.12-320.
(2)The cabinet may expend money in the funds created in KRS 164.6019 and
164.6027 for reasonable administrative expenses directly incurred in carrying out
the requirements of KRS 164.6019 to 164.6029. It is the intent of the General
Assembly that the funds created in KRS 164.6019 and 164.6027 be used, to the
fullest extent possible, to directly fund project costs. It is also the intent of the
General Assembly that the first priority of expenditures of any excess revenues
generated from the funds created in KRS 164.6019 and 164.6027 is to replenish
general fund appropriations for those same purposes.
(3)The cabinet shall contract with a science and technology organization to administer
the programs created in KRS 164.6021 and 164.6029. The cabinet shall work with
the science and technology organization to adopt best practices for state investment
funds, and shall oversee and approve the application criteria, the process for
submission of an application, the types of equity investments permitted, the amount
of investments that should be made in each fiscal year, the category or categories of
investments that shall be made consistent with the cabinet's strategic plans, and the
structure and type of outside expertise or peer review used in the application review
process for the programs created in KRS 164.6021 and 164.6029.
(4)No member of the cabinet or the science and technology organization or other
administering entity, or their employees or outside experts or their closely related
family members, shall directly or indirectly financially benefit in any award,
contract, or agreement under the programs.
(5)The cabinet shall submit an annual report prior to November 1 to the Governor and
the General Assembly detailing its work related to the programs created in KRS
164.6021 and 164.6029. The annual report shall indicate progress made through
investments, and shall include but not be limited to reporting on the progress made
in achieving each program's purposes, qualitative and quantitative information
concerning the applications received, projects approved and undertaken, companies
served, and funding amounts invested in each project or program, as appropriate,
and findings and recommendations to increase each program's effectiveness in
achieving its purposes.
(6)All records related to the administration of the programs created in KRS 164.6021
and 164.6029 shall be deemed property of the cabinet and shall be deemed open
records and subject to public inspection under KRS 61.870 to 61.884. Any research
that involves or is a patent, trade secret, or other legally protectable interest shall be
exempt from inspection until such time as the intellectual property rights have been
fully protected.