251.650 Use of funds -- Kentucky grain insurance fund -- Investment of funds --
325 words·~1 min read·
/ky/251-650A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Authorization for funds to be invested through the Finance and
Administration Cabinet's Office of Financial Management -- Board to report
to Interim Joint Committee on Appropriations and Revenue and to Interim
Joint Committee on Agriculture in each odd-numbered year.
(1)The total value of assessments shall be deposited and held by the board in trust in
the Kentucky grain insurance fund to pay valid claims under the provisions of this
section and KRS 251.400. These funds shall be invested and reinvested in United
States Treasury obligations at the direction of the board, and the interest from these
investments shall be deposited to the credit of the fund and shall be available for the
same purposes as all other money deposited in the fund. The money in the fund
shall not be available for any purpose other than the payment of claims in
accordance with KRS 251.400, refunds, legal fees, management fees, investment
fees, and administration fees that are approved by the board. No money in this fund
shall be used for any regulatory or licensing provision in this chapter.
(2)Notwithstanding the provisions of subsection
(1)of this section, the board may
authorize the investment of funds for the Kentucky grain insurance fund through the
Finance and Administration Cabinet's Office of Financial Management in any
guaranteed security or other guaranteed investment recommended by the office if
the board determines the recommendation would maximize the interest or income to
the fund.
(3)By October 1 of each odd-numbered year, the board shall report to the Interim Joint
Committee on Appropriations and Revenue and the Interim Joint Committee on
Agriculture:
(a)The current balance of the fund;
(b)The amount of assessments, interest earned, and any other money deposited
into the fund; and
(c)The expenditures incurred due to claims, refunds, management fees,
investment fees, legal fees, and administrative fees.
(4)Each report shall reflect the deposits into and the expenditures incurred for the most
recent biennium.