KRS 154.20-264: Annual report by investment fund manager -- Status report by

authority -- Confidentiality -- Fee.

(1) Each investment fund manager shall file an annual report with the

commissioner of the Department of Revenue and with the authority, on or

before February 15 of each year during which it manages an investment fund.

This report shall include information that the authority prescribes from time to

time, including but not limited to the following:

(a) For each small business in which qualified investments are made by the

investment fund during the reporting period, the name and address of the

small business, the amount of qualified investments made by the

investment fund, the job creation anticipated and achieved by the small

business, and new products and technologies being developed by the

small business;

(b) An affidavit prepared by the investment fund manager or, if the

investment fund is an entity, by an authorized officer, partner, trustee,

member, or manager of the investment fund management firm that states:

1. At the time of each qualified investment, each small business

qualifies as a small business under the provisions of KRS

154.20-250 to 154.20-284;

2. The name and address of each investor, and the amount of cash

contribution to the investment fund of each investor who is entitled to

the credits; and

3. The continued compliance by the investment fund and the

investment fund manager with all applicable state and federal

securities laws and regulations.

(2) The authority shall provide an annual written status report to the standing

Appropriations and Revenue Committee of each house or to the Interim Joint

Committee on Appropriations and Revenue, as appropriate, concerning the

activities of the Kentucky investment fund for each fiscal year beginning with

the fiscal year ended July 30, 2003. On or before November 1 of each year, the

authority shall make an annual report for the preceding fiscal year to the

Governor and the Legislative Research Commission. The annual report shall

include but not be limited to the following information:

(a) The total number of investors and the aggregate amount of committed

cash contributions to all investment funds, categorized by the types of

business entities through which investors conduct business and the

geographical distribution of investors, including the area development

districts;

(b) The total number and amounts of qualified investments made by each

investment fund to qualified small businesses, categorized by type of

businesses, amount of investment, job creation anticipated and achieved,

geographical distribution, including area development districts, and new

products and technologies developed; and

(c) The total amount of credits granted to investors.

(3) The contents of the annual reports from investment fund managers to the

authority described in subsection (1) of this section shall be treated by the

authority as confidential, and shall not be considered a public record under the

Kentucky Open Records Act, KRS 61.870 to 61.884.

(4) The authority may charge a fee in connection with the administration and

processing of an annual report made by an investment fund manager.