KRS 164.6035: Closing of Kentucky commercialization fund on July 1, 2021 -- Transfer

of all moneys to Kentucky enterprise fund.

(1) There is established and created in the State Treasury a fund entitled the "Kentucky

commercialization fund" to provide see d funding for the development and

commercialization of promising technologies at and emerging from colleges and

universities in the Commonwealth. The fund may receive state appropriations, gifts,

grants, federal funds, revolving funds, and any other funds both public and private.

Moneys deposited in the fund shall be disbursed by the State Treasurer upon the

warrant of the secretary of the Finance and Administration Cabinet. Any

unallocated or unencumbered balances in the fund shall be invested as provided in

KRS 42.500(9), and any income earned from the investments along with the

unallotted or unencumbered balances in the fund shall not lapse, and shall be

deemed a trust and agency account and made available solely for the purposes and

benefits of the Kentucky Commercialization Fund Program.

(2) The Kentucky commercialization fund shall be closed on July 1, 2021. All moneys

remaining in the fund shall be deposited in the Kentucky enterprise fund created in

KRS 164.6019 and shall be used for the purposes established under that section.