164.043 Cancer research institutions matching fund.

263 words·~1 min read·/ky/chapter-164/164-043

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

(1)There is hereby created in the State Treasury a cancer research matching fund

designated as the "cancer research institutions matching fund." The fund shall be

administered by the Council for Postsecondary Education. For tax periods

beginning on or after June 1, 2005, the one-cent ($0.01) surtax collected under KRS

138.140(1)(c) shall be deposited in the fund and shall be made available for

matching purposes to the following universities for cancer research:

(a)One-half (1/2) of the moneys deposited in the fund shall be made available to

the University of Kentucky; and

(b)One-half (1/2) of the moneys deposited in the fund shall be made available to

the University of Louisville.

(2)All interest earned on moneys in the fund shall be credited to the fund.

(3)Any moneys remaining in the fund at the end of the fiscal year shall lapse to the

general fund.

(4)To receive the funds, the universities shall provide dollar-for-dollar matching funds.

The matching funds shall come from external sources to be eligible for the state

match. External source contributions are those that originate outside the university

and its affiliated corporations. The matching funds shall be newly generated to be

eligible for state match. Newly generated contributions are those received by the

university after April 1, 2005.

(5)Moneys transferred to the fund pursuant to subsection

(1)of this section are hereby

appropriated for purposes set forth in this section.

(6)The following funds are not eligible for state match:

(a)Funds received from federal, state, and local government sources; and

(b)General fund and student-derived revenues.