151B.470 Assistive technology loan fund established -- Use -- Administration.

240 words·~1 min read·/ky/chapter-151b/151b-470

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(1)There is established in the State Treasury a permanent and perpetual fund to

be known as the assistive technology loan fund, consisting of moneys that may

be appropriated by the General Assembly, gifts, bequests, endowments, or

grants from the United States government, its agencies and instrumentalities,

and any other available sources of funds, public and private. Any fund balance

at the close of a fiscal year shall not lapse but shall be carried forward to the

next fiscal year, and moneys in the fund shall be continuously appropriated

only for the purposes specified in this section. Interest and income earned from

the investment of funds shall remain in the fund and be credited to it.

(2)The fund shall be used to provide loans to qualified borrowers within the

Commonwealth for the purpose of acquiring assistive technology designed to

help individuals with disabilities become more independent. Loans shall be

made to qualified borrowers through qualified lenders with the fund being used

as appropriate to negotiate reduced interest rates, to buy down interest rates,

and to provide loan guarantees.

(3)The fund shall be under the administrative control of the board.

(4)If the corporation is dissolved, any unencumbered moneys appropriated by the

General Assembly remaining in the fund shall revert to the general fund, and

any other unencumbered moneys shall be transferred to the Education and

Labor Cabinet to be expended for programs and services for Kentuckians with

disabilities.