KRS 154.12-348: Kentucky Talent Recruitment Grant Program fund.

(1) There is hereby established in the State Treasury a trust and agency account to be

known as the Kentucky Talent Recruitment Grant Program fund.

(2) The fund shall consist of moneys appropriated by the General Assembly, gifts,

grants, federal funds, or other funds made available to the cabinet.

(3) The fund shall be administered by the cabinet.

(4) Amounts deposited in the fund shall be used for awarding eligible grant applicants

funding for eligible projects. The fund shall be distributed as follows:

(a) Fifty percent (50%) shall be used for relocation efforts pursuant to KRS

154.12-342(4)(a);

(b) Twenty-five percent (25%) shall be used for retention of Kentucky students

pursuant to KRS 154.12-342(4)(b); and

(c) Twenty-five percent (25%) shall be used for ta rgeted marketing campaigns

pursuant to KRS 154.12-342(4)(c).

(5) The cabinet may use up to five percent (5%) of the fund annually for costs and

services for the administration of the program.

(6) Notwithstanding KRS 45.229, moneys remaining in the fund at the close of a fiscal

year shall not lapse but shall be carried forward into the next fiscal year.