164.6035 Closing of Kentucky commercialization fund on July 1, 2021 -- Transfer
191 words·~1 min read·
/ky/164-6035A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
of all moneys to Kentucky enterprise fund.
(1)There is established and created in the State Treasury a fund entitled the "Kentucky
commercialization fund" to provide seed funding for the development and
commercialization of promising technologies at and emerging from colleges and
universities 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 Commercialization Fund Program.
(2)The Kentucky commercialization fund shall be closed on July 1, 2021. All moneys
remaining in the fund shall be deposited in the Kentucky enterprise fund created in
KRS 164.6019 and shall be used for the purposes established under that section.