KRS 157.618: Emergency and targeted investment fund -- Purposes -- Reimbursement

requirement -- Administrative regulations -- Annual report.

(1) The emergency and targeted investment fund is hereby created as a restricted fund

in the State Treasury, to be adm inistered by the School Facilities Construction

Commission.

(2) (a) Notwithstanding KRS 45.229 or any other provision of the Kentucky Revised

Statutes, any appropriations to the School Facilities Construction Commission

that have not been expended at the end of a fiscal year shall not lapse but shall

be transferred to the emergency and targeted investment fund. The fund may

also receive other appropriations from the General Assembly and

reimbursements from local school districts.

(b) Notwithstanding KRS 45. 229, amounts remaining in the emergency and

targeted investment fund at the end of a fiscal year shall not lapse but shall be

carried forward to the next fiscal year, to be used for the purposes set forth in

this section.

(3) Notwithstanding KRS 157.620 an d 157.622, the commission may use moneys in

the fund to:

(a) Offer grants for the purposes of financing the construction and equipping of

new facilities, or the major renovation of current facilities, if a local school

district's facilities are:

1. Destroyed or severely damaged by an emergency. For the purposes of

this paragraph, "emergency" means a condition that arises from an

accident, catastrophe, or other unforeseen occurrence such as a fire,

storm, flood, or other event that involves unusual danger to the lives or

property of area residents; or

2. Destroyed or severely damaged through a criminal or negligent act; or

(b) Award a cash grant to a school district to assist in bringing the school up to

code if:

1. A school building is to be closed by a state or federal official or agency,

including the state fire marshal or the Department for Environmental

Protection; and

2. The Kentucky Department of Education has declared the situation to be

an emergency.

(4) If a school district receives assistance from the commission under this section and

subsequently, as a result of litigation or insurance, receives funds for the original

facility, the school district shall reimburse the fund an amount equal to the amount

received pursuant to this section. If the litigation or insurance receipts are less than

the amount received under this section, the district shall reimburse the fund an

amount equal to the amount received as a result of litigation or insurance, less the

district's costs and legal fees in securing the judgment or payment.

(5) The commission, in cooperation with the department, shall promulgate

administrative regulations un der KRS Chapter 13A establishing the process to

apply for and receive funds from the emergency and targeted investment fund.

(6) By October 1 of each year, the commission shall provide a report on the fund's

activities to the Legislative Research Commission.