KRS 164A.300: Legislative findings and intent.

(1) The General Assembly of the Commonwealth of Kentucky hereby declares as a

legislative finding of fact that the general welfare and well -being of the

Commonwealth are directly related to the educational levels and skills of the

citizens of the Commonwealth. Therefore, a vital and valid public purpose of the

Commonwealth is served by the creation and implementation of programs which

encourage and make possible the attainment of higher education by the greatest

number of citizens of the Commonwealth.

(2) The General Assembly finds, declares, and recognizes that the Commonwealth has

limited resources to provide additional programs for higher education funding and

that the continued operation and maintenance of the institutions of higher education

in Kentucky and the general welfare of the citizens and the Commonwealth will be

enhanced by creation of a program pursuant to which citizens and others may invest

money in a public trust for future application to the payment of higher education

costs in the Commonwealth and elsewhere and that the creation of a means of

encouragement of citizens in the investment of funds for such future higher

education application represents the carrying out of a valid and vital public purpose

of the Commonwealth. In order to make avail able to the citizens of the

Commonwealth an opportunity to fund future higher education needs for

beneficiaries, it is necessary that a public trust be established in which the citizens

of the Commonwealth and others may invest moneys for future educational use.

(3) It is the intent of the General Assembly of the Commonwealth of Kentucky to create

the Kentucky Educational Savings Plan Trust. The implementation and effectuation

of the Kentucky Educational Savings Plan Trust as provided by KRS 164A.300 to

164A.380 constitutes the carrying out of a valid and vital public purpose for which

public funds of the Commonwealth may be expended.

(4) It is in the best interest of the people of the Commonwealth to establish and provide

for the operation of the Kentucky E ducational Savings Plan Trust in a manner

conforming to federal law that allows participants and beneficiaries federal income

taxation benefits on contributions and earnings on contributions expended by the

trust for the higher education costs of a beneficiary.