{"data":{"id":"us-ky/krs-154.20-520","jurisdiction":"us-ky","citation":"KRS 154.20-520","heading":"Trust funds -- Payments.","body":"(1) There are hereby established in the Treasury of the Commonwealth trust funds for\neach area of responsibility for which it was established, and to which shall be\ncredited all funds appropriated by the General Assembly to the authority for the\npurposes of th is chapter, together with interest earned by these funds and all funds\nobtained by the authority from other sources which, by contract or otherwise, are\npayable into such funds. The authority may request, and such request shall be\nhonored, that the trust f unds be invested and reinvested for the benefit of the\nauthority until such time as the funds are needed to satisfy loan commitments.\nIncome from the investments shall be credited to the authority's funds. If at any time\nthe authority shall determine the m oneys in any fund exceed the amount needed by\nthe authority to carry out the purposes of this chapter as it relates to a particular area\nof responsibility, the authority shall take such action as shall be required to transfer\nthe excess amounts from the fu nd for one (1) area of responsibility to the fund for\nanother area of responsibility as economic development needs dictate and are\ndetermined by the authority or shall release such excess funds and transfer such\nexcess funds to the general fund of the State Treasury.\n(2) The mortgage insurance fund shall be used solely and only as reserve for insurance\ncommitments and to pay the costs of procuring insurance of private or\ngovernmental loans to accomplish the purposes of the authority as stated in KRS\n154.20-030. Such costs shall be paid from said fund upon approval by the authority\nsolely under terms of its contract with the insurance corporation, and may include\nthe costs of obtaining interim and permanent guarantees which are authorized by\nthis chapter, whether or not the loan application finally results in a loan or guarantee\nby the government.\n(3) All loans and all costs of administration of this chapter shall be paid out of the\nauthority's funds. Payments shall be made in the same manner as other state\nexpenditures, except that they shall be subject to the approval of the Finance and\nAdministration Cabinet only as to availability of funds.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=2735","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:54Z","sha256":"24a5a2ba7dcf80d4420ff24b657d242be914f9a011b54e627656fdce1acc63c7","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.20-420","next":"us-ky/krs-154.20-530"},"notice":"GroundRules: Original legal text. Not legal advice."}