260.869 Industrial hemp program fund.
193 words·~1 min read·
/ky/chapter-260/260-869A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)There is established in the State Treasury a trust and agency fund entitled the
industrial hemp program fund, to be administered by the commission for the
purpose of covering the costs of the commission and the industrial hemp
research program, as approved by the commission.
(2)The fund may receive state appropriations, gifts, grants, federal funds, and any
other funds both public and private, and shall receive all license application
fees and license renewal fees collected by the commission. Money deposited
in the fund is hereby appropriated for purposes set out in this section.
(3)Notwithstanding KRS 45.229, any unallocated or unencumbered balances in
the fund shall be invested as provided in KRS 42.500(9), and any interest or
other income earned from the investments, along with the unallotted or
unencumbered balances in the fund, shall not lapse but shall be carried
forward for purposes of the fund.
(4)The industrial hemp program fund shall be closed on July 1, 2017. All moneys
remaining in the fund shall be deposited in the industrial hemp research pilot
program fund created under KRS 260.866 and shall be used for the purposes
established under that section.