KRS 154.33-550: Kentucky Appalachian regional development fund.

(1) There is created and established a fund to be known as the Kentucky Appalachian

regional development fund to be administered by the Department for Local

Government.

(2) The Kentucky Appalachian regional development fund shall be comprised of state

appropriations, repayment of loans and interest made from the funds, and interest

earnings generated for the fund.

(3) The purpose of this fund is to provide a source from which the Department for

Local Government may make loans, grants, and investments in accorda nce with the

purposes and procedures established in KRS 154.33 -552 and 154.33 -554, at such

interest rates and for such terms as may be determined by the commissioner or his

or her designee, with security for repayment as deemed necessary and reasonable.

(4) The proceeds of any loan, grant, or investment shall be used solely for the purposes

identified in KRS 154.33 -552 and as may be further provided in the agreement;

however, no moneys from this fund shall be used to carry on propaganda or

otherwise used to influence legislation.

(5) Any unallotted or unencumbered balances in the fund shall be invested pursuant to

KRS 42.500. Interest earned from the investment of these funds shall accrue to the

Kentucky Appalachian regional development fund.

(6) The balance in the Kentucky Appalachian regional development fund shall be

treated as a continuing appropriation and shall not lapse at the end of the fiscal year.