42.560 Energy assistance trust fund -- Allocation of interest.

237 words·~1 min read·/ky/chapter-42/42-560

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

(1)There is established in the Treasury of the Commonwealth a trust fund to be known

as the "Energy Assistance Trust Fund" referred to in KRS 42.560 to 42.572 as the

"trust fund."

(2)The trust fund shall consist of any oil overcharge refunds which become available to

the state as a result of litigation for alleged overcharges for crude oil or refined

petroleum products sold during the period of time in which federal price controls on

such products were in effect, any moneys as may be appropriated by the general

fund, and any investment interest earned on the fund.

(3)The fund shall be managed by the state Office of Financial Management within the

Office of the Controller and all moneys in excess of the amount to be disbursed in a

given fiscal year shall be invested to maximize returns. The principal and any

interest earnings of the trust fund shall at no time lapse to the general fund.

(4)The accumulated interest shall be made available as follows:

(a)Fifty percent (50%) to the Finance and Administration Cabinet to be allocated

to weatherization services to low-income households; and

(b)Fifty percent (50%) to the Cabinet for Health and Family Services to be

allocated to low-income energy assistance services.

The funds to be available for expenditure in any fiscal year shall be appropriated by

the General Assembly from the trust fund as provided in KRS 48.300.