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Code · Kentucky · Chapter 164 — State universities and colleges -- regional education -- archaeology

164.754 Education loan funds -- Administration account -- Creation.

403 words·~2 min read·/ky/chapter-164/164-754

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There are hereby created, but not by way of limitation, for the purpose of carrying out the purposes of KRS 164.740 to 164.764 the following special funds:
(1)A "scholarship fund" to which shall be credited all funds appropriated by the
General Assembly to the authority for scholarships, and all funds received from all
other sources for such purposes. All general funds appropriated to this account shall
become a part of this account, and shall not lapse.
(2)A "loan guarantee fund" account to which shall be credited all funds legally
available to the authority and determined by the authority to be applied for the
purpose of guaranteeing loans to eligible students together with all funds obtained
from all other sources for such purposes. Such fund may be invested as provided by
law for the investment of Kentucky Public Employee Retirement System funds and
shall be assigned in trust to a corporate trustee for the security of the holders of
insured student loans; provided, however, that income derived from investment of
such fund shall be returned to the authority for deposit to the "administration"
account of the authority.
(3)An "administration" account to which shall be credited all funds appropriated by the
General Assembly to the authority for administration and all other funds authorized
for administrative costs. The authority may transfer from this account to the loan
fund, grant fund or work-study fund any amounts accruing in this account not
needed to cover the reasonable and necessary administrative expenses of the
authority.
(4)A "loan fund" to which shall be credited all funds appropriated by the General
Assembly for loans and all funds received from all other sources for such purposes.
All general funds appropriated to this account shall become a part of this revolving
account and shall not lapse. These funds may be invested as provided for the
investment of Kentucky Public Employee Retirement System funds or transferred
to the loan guarantee fund. Interest income and other income from loans or other
investments shall be transferred to the "administration" account of the authority.
(5)A "grant fund" to which shall be credited all funds appropriated by the General
Assembly for grants and all funds received from all other sources for such purposes.
(6)A "work-study fund" to which shall be credited all funds appropriated by the
General Assembly for work-study payments and all funds received from all other
sources for such purposes.
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