KRS 157.665: Kentucky education technology trust fund.

(1) To carry out the purpose of providing educational technology for the public system

of education pursuant to KRS Chapter 156, the Kentucky education technology

trust fund is hereby established in the Finance and Administration Cabinet. Funds

appropriated by the General Assembly in each biennial budget for the purchase or

lease of education technology for the public system of education shall be credited to

the fund and invested until needed. All interest earned on money in the fund shall

be retained in the fund for reinvestment.

(2) All funds appropriated for these purposes by the 1990 and 1992 Regular Sessions of

the General Assembly and thereafter, and any interest generated by these funds,

shall be transferred to the account on April 3, 1992. All money cred ited to the fund,

including interest, shall be used only for education technology purposes as defined

by the Kentucky Board of Education's technology master plan and shall not lapse,

but shall be carried forward in the next biennial budget. The purposes ex pressed in

this section shall be deemed to be the purposes for which any budgetary

appropriation for educational technology shall have been made.

(3) Funds shall be transferred to the local school districts upon certification of the

School Facilities Const ruction Commission that the district has met the criteria for

assistance. All other expenditures shall require the approval of the Kentucky Board

of Education.