{"data":{"id":"us-ky/krs-164.6017","jurisdiction":"us-ky","citation":"KRS 164.6017","heading":"Powers and duties of Cabinet for Economic Development to carry out","body":"purposes of KRS 164.6019 to 164.6029 and related statutes.\n(1) The cabinets shall have all the powers and authority, not explicitly prohibited by\nstatute, necessary and conve nient to carry out and effectuate the purposes of KRS\n164.6019 to 164.6029, including but not limited to:\n(a) Entering into contracts or agreements necessary or incidental to the\nperformance of its duties, functions, and responsibilities; and\n(b) Soliciting, borrowing, accepting, receiving, and expending funds from any\npublic or private source, including but not limited to general fund\nappropriations of the Commonwealth, grants, or contributions of money,\nproperty, labor, or other things of value to be used  to carry out the programs'\noperations, functions, and responsibilities; and\n(c) Notwithstanding the provisions in paragraph (a) of this subsection, the\nexecutive director of the Office of Entrepreneurship and Innovation shall\napprove the contracts issued by the cabinet regarding the structure of\nprograms and funding levels in those programs administered by a science and\ntechnology organization and created in KRS 154.12-320.\n(2) The cabinet may expend money in the funds created in KRS 164.6019 and\n164.6027 for reasonable administrative expenses directly incurred in carrying out\nthe requirements of KRS 164.6019 to 164.6029. It is the intent of the General\nAssembly that the funds created in KRS 164.6019 and 164.6027 be used, to the\nfullest extent possible, to directly fund project costs. It is also the intent of the\nGeneral Assembly that the first priority of expenditures of any excess revenues\ngenerated from the funds created in KRS 164.6019 and 164.6027 is to replenish\ngeneral fund appropriations for those same purposes.\n(3) The cabinet shall contract with a science and technology organization to administer\nthe programs created in KRS 164.6021 and 164.6029. The cabinet shall work with\nthe science and technology organization to adopt best practices for state in vestment\nfunds, and shall oversee and approve the application criteria, the process for\nsubmission of an application, the types of equity investments permitted, the amount\nof investments that should be made in each fiscal year, the category or categories o f\ninvestments that shall be made consistent with the cabinet's strategic plans, and the\nstructure and type of outside expertise or peer review used in the application review\nprocess for the programs created in KRS 164.6021 and 164.6029.\n(4) No member of th e cabinet or the science and technology organization or other\nadministering entity, or their employees or outside experts or their closely related\nfamily members, shall directly or indirectly financially benefit in any award,\ncontract, or agreement under the programs.\n(5) The cabinet shall submit an annual report prior to November 1 to the Governor and\nthe General Assembly detailing its work related to the programs created in KRS\n164.6021 and 164.6029. The annual report shall indicate progress made through\ninvestments, and shall include but not be limited to reporting on the progress made\nin achieving each program's purposes, qualitative and quantitative information\nconcerning the applications received, projects approved and undertaken, companies\nserved, and funding amounts invested in each project or program, as appropriate,\nand findings and recommendations to increase each program's effectiveness in\nachieving its purposes.\n(6) All records related to the administration of the programs created in KRS 164.6021\nand 164.6029 shall be deemed property of the cabinet and shall be deemed open\nrecords and subject to public inspection under KRS 61.870 to 61.884. Any research\nthat involves or is a patent, trade secret, or other legally protectable interest shall be\nexempt from inspection until such time as the intellectual property rights have been\nfully protected.","path":["KRS Chapter 164"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53858","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:16Z","sha256":"ae43b4d9b37e9a99723c66a866e3acf0de502918bea18cb3c70702c04a834e4f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164.6015","next":"us-ky/krs-164.6019"},"notice":"GroundRules: Original legal text. Not legal advice."}