164A.300 Legislative findings and intent.
366 words·~2 min read·
/ky/chapter-164a/164a-300A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The General Assembly of the Commonwealth of Kentucky hereby declares as a
legislative finding of fact that the general welfare and well-being of the
Commonwealth are directly related to the educational levels and skills of the
citizens of the Commonwealth. Therefore, a vital and valid public purpose of the
Commonwealth is served by the creation and implementation of programs which
encourage and make possible the attainment of higher education by the greatest
number of citizens of the Commonwealth.
(2)The General Assembly finds, declares, and recognizes that the Commonwealth has
limited resources to provide additional programs for higher education funding and
that the continued operation and maintenance of the institutions of higher education
in Kentucky and the general welfare of the citizens and the Commonwealth will be
enhanced by creation of a program pursuant to which citizens and others may invest
money in a public trust for future application to the payment of higher education
costs in the Commonwealth and elsewhere and that the creation of a means of
encouragement of citizens in the investment of funds for such future higher
education application represents the carrying out of a valid and vital public purpose
of the Commonwealth. In order to make available to the citizens of the
Commonwealth an opportunity to fund future higher education needs for
beneficiaries, it is necessary that a public trust be established in which the citizens
of the Commonwealth and others may invest moneys for future educational use.
(3)It is the intent of the General Assembly of the Commonwealth of Kentucky to create
the Kentucky Educational Savings Plan Trust. The implementation and effectuation
of the Kentucky Educational Savings Plan Trust as provided by KRS 164A.300 to
164A.380 constitutes the carrying out of a valid and vital public purpose for which
public funds of the Commonwealth may be expended.
(4)It is in the best interest of the people of the Commonwealth to establish and provide
for the operation of the Kentucky Educational Savings Plan Trust in a manner
conforming to federal law that allows participants and beneficiaries federal income
taxation benefits on contributions and earnings on contributions expended by the
trust for the higher education costs of a beneficiary.