KRS 43.200: Auditor's scholarships in accounting.

(1) There is hereby created in the Auditor of Public Accounts office a scholarship

program for economically disadvantaged students planning to major in accounting

at Kentucky institutions of higher education agreeing to provide matching funds.

(2) Up to four ( 4) students each year may be selected by the Auditor as eligible to

receive a scholarship for up to four (4) years while pursuing an accounting degree.

Each individual scholarship shall be subject to review annually.

(3) The annual scholarship amount shall be set by the Auditor in an amount required to

cover the average cost of room, board, tuition, and fees at Kentucky public

institutions, as well as living expenses. In addition, the scholarship shall include

full-time summer employment with the Auditor's office.

(4) Upon receiving their accounting degree, recipients of the scholarship shall be

required to work one (1) year for the Auditor's office for each year they received the

scholarship.

(5) Recipients failing to complete an accounting program or failing to fulfill the service

requirement shall become liable to the Auditor's office for the sum of all scholarship

funds received plus interest for the entire period. The rate of interest shall be

determined when the scholarship is awarded. The debt may be deferred for cause by

the Auditor and a schedule for repayment may be established.

(6) The Auditor's office shall execute appropriate contracts and promissory notes with

scholarship recipients.