42.190 Cost projections of Firefighters Foundation Program fund and Law

429 words·~2 min read·/ky/42-190

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Enforcement Foundation Program fund -- Disposition of funds collected under

KRS 136.392 -- Lapsing of certain funds -- Monthly reports.

(1)On June 1, 1982, and then on or before the first day of each December, March,

June, and September thereafter, the cabinet shall request in writing of the

administrator of the Firefighters Foundation Program fund, which is established by

KRS 95A.220, and of the administrator of the Law Enforcement Foundation

Program fund, which is established by KRS 15.430, cost projections of their

respective funds for the next quarter. Based on these projections, the cabinet shall

determine the proportionate share of total insurance premium surcharge proceeds,

prescribed in KRS 136.392, to accrue to each fund.

(2)On or before the first day of each quarter, the cabinet shall certify to the State

Treasurer a distribution schedule describing the proportionate share of total

insurance premium surcharge proceeds accruing to each fund during such quarter,

and the State Treasurer shall pay into each fund's trust and agency account its

proportionate share of all deposited tax moneys as set forth and in the manner as

prescribed in KRS 136.392.

(3)Moneys deposited in the Firefighters Foundation Program fund's trust and agency

account, and in the Law Enforcement Foundation Program fund's trust and agency

account, shall be invested by the state in accordance with state investment practices,

and all earnings from such investments shall accrue to, and be paid into the

respective account from which such investments are made. All moneys remaining

on deposit at the close of the state's fiscal year in the Firefighters Foundation

Program fund's trust and agency account and all earnings from investments made

from moneys in this account in excess of three million dollars ($3,000,000),

beginning with fiscal year 1994-95, through June 30, 1999, shall lapse, except that

moneys in the revolving loan fund established in KRS 95A.262 shall not lapse. All

moneys remaining on deposit at the close of the state's fiscal year in the Law

Enforcement Foundation Program fund's trust and agency account, and all earnings

from investments made from moneys in this account, in excess of three million

dollars ($3,000,000), beginning with fiscal year 1994-95, through June 30, 1999,

shall lapse. On and after July 1, 1999, moneys in these accounts shall not lapse.

(4)The cabinet shall provide monthly financial reports to the administrator of the

Firefighters Foundation Program fund and the administrator of the Law

Enforcement Foundation Program fund respecting the amount of funds received and

on deposit in each fund and the amount of earnings accruing to each fund from their

investment.