{"data":{"id":"us-ky/krs-164.7013","jurisdiction":"us-ky","citation":"KRS 164.7013","heading":"Declaration of intent -- Kentucky Aerospace, Aviation, and Defense","body":"Investment Fund Advisory Committee -- Membership -- Kentucky aerospace,\naviation, and defense investment fund -- Purposes -- Administrative\nregulations.\n(1) It is the intent of t he General Assembly to incentivize collaboration between\naviation programs, aviation industry partners, and the Commonwealth to grow and\nstrengthen the education and training pipeline of aviation professionals within\nKentucky by:\n(a) Improving the ability of a broad variety of Kentucky's aviation programs to\nmeet the workforce demands and capacity of the Commonwealth;\n(b) Raising awareness of and interest in a broad variety of aviation occupations;\n(c) Reducing the barriers of access to the aviation program s necessary to pursue\nthese occupations, including financial barriers;\n(d) Improving pathways between high school career and technical programs and\naviation programs; and\n(e) Developing strategies for aviation industry partners to support career growth\nand development for their employees.\n(2) (a) The Kentucky Aerospace, Aviation, and Defense Investment Fund Advisory\nCommittee is hereby created to be administered by the council. The advisory\ncommittee shall be responsible for advising the council on the implementation\nof KRS 164.7011 to 164.7021.\n(b) The advisory committee shall be composed of the following twelve (12)\nmembers:\n1. The president of the council, who shall serve as chair of the advisory\ncommittee;\n2. The commissioner of the Department of Aviation in the Transportation\nCabinet;\n3. Ten (10) members appointed by the chair of the council, of whom:\na. One (1) member shall b e selected from a list of three (3)\ncandidates nominated by the Kentucky Association of\nManufacturers who possess professional experience and expertise\nwith aviation manufacturing;\nb. One (1) member shall have professional experience and expertise\nas an aviation engineer;\nc. One (1) member shall have professional experience and expertise\nwith Department of Defense contracts related to aviation;\nd. One (1) member shall have professional experience and expertise\nwith Department of Defense contracts related to aerospace;\ne. One (1) member shall have professional experience and expertise\nwith airport management or Federal Aviation Administration\nairport compliance and classifications;\nf. One (1) member shall be a member from the Kentucky Aviation\nAssociation;\ng. One (1) member shall be a licensed air transport pilot;\nh. One (1) member that is a licensed airframe and powerplant\nmechanic; and\ni. Two (2) members shall be employees of a public aviation\nprogram.\n(c) Members appointed under paragraph (b)3. of this subs ection shall serve for\nterms of two (2) years, and any vacancy on the advisory committee shall be\nfilled for the remainder of the unexpired term in the same manner as the\noriginal appointment. An appointed member shall continue to serve until\nreappointed or replaced.\n(d) The majority of the voting members shall constitute a quorum, and all\nmeetings shall be conducted in accordance with the Open Meetings Act, KRS\n61.805 to 61.850.\n(e) A member of the advisory committee shall not receive compensation or\nbenefits for the member's service, but a member appointed under paragraph\n(b)3. of this subsection shall receive per diem and travel expenses consistent\nwith the reimbursement policy for state employees.\n(3) There is hereby created a trust and agency account ca lled the Kentucky aerospace,\naviation, and defense investment fund to be administered by the Council for\nPostsecondary Education for the purpose of funding:\n(a) Public and private partnerships to provide aviation training scholarships in\naccordance with KR S 164.7015 to reduce the financial barriers of Kentucky\nresidents seeking eligible aviation credentials;\n(b) Public and private partnerships to provide aviation and aerospace equipment\ngrants in accordance with KRS 164.7017 to enhance Kentucky's aviation\nprograms' ability to meet the workforce demands and capacity of the\nCommonwealth; and\n(c) The council's administrative, research, consulting, fundraising, planning, and\nanalysis costs of administering KRS 164.7011 to 164.7021.\n(4) (a) It is the intent of the General Assembly to encourage private financial and\nphilanthropic support of the Kentucky aerospace, aviation, and defense\ninvestment fund, as the aerospace, aviation, and defense industries directly\nbenefit from a well -trained workforce capable of mee ting their employment\nneeds and the needs of the Commonwealth. To the extent allowed by\napplicable laws, the fund may directly accept gifts, grants, or donations\nsubject to restrictions imposed by a grantor.\n(b) 1. The Kentucky aerospace, aviation, and def ense investment fund shall\nconsist of two (2) accounts.\n2. There shall be an appropriation account containing all moneys\nappropriated by the General Assembly and any federal funds received\nfor this purpose.\n3. There shall be a grantor account containing al l moneys received in the\nform of gifts, grants, or donations subject to restrictions imposed by a\ngrantor, or any other moneys made available for the purposes of the\nfund.\n(c) Notwithstanding KRS 45.229, any moneys appropriated to the fund by the\nGeneral Assembly that remain in the fund at the end of any fiscal year prior to\nthe 2029-2030 fiscal year shall not lapse.\n(d) Any moneys remaining in the appropriation account at the end of fiscal year\n2029-2030 shall be forfeited and shall lapse to the general fund.\n(e) Any moneys remaining in the grantor fund at the end of the 2029 -2030 fiscal\nyear shall be returned to each gra ntor proportionally based on the amount\ndonated by the grantor in relation to the total amount donated by all grantors.\n(5) Subject to available funds, the fund shall consist of any:\n(a) Appropriations designated for the fund;\n(b) Funds, grants, and receip ts from the council's fundraising activities on behalf\nof the fund;\n(c) Federal funds; and\n(d) Other moneys made available for the purposes of the fund.\n(6) Any interest earnings of the fund shall become a part of the fund and shall lapse\nonly as provided  in subsection (4) of this section. Moneys in the fund are hereby\nappropriated for the purposes set forth in this section.\n(7) The portion of the fund expended towards the council's costs of administering KRS\n164.7011 to 164.7021 shall not exceed one -half of one percent (0.5%) of all gross\nmoneys in the fund or seventy -five thousand dollars ($75,000) annually, whichever\nis less.\n(8) (a) The council shall promulgate administrative regulations by August 1, 2024, in\naccordance with this subsection and KRS Chap ter 13A to administer KRS\n164.7011, 164.7013, 164.7015, and 164.7017.\n(b) At least thirty (30) days before filing an administrative regulation with the\nregulations compiler, the council shall first submit the draft administrative\nregulation, a detailed imp lementation plan, and other documents required to\nbe filed by KRS Chapter 13A to the members of the Interim Joint Committee\non Education and the Interim Joint Committee on Transportation for review\nand comment.\n(c) The council shall consider any comments and recommendations provided by\nthe members of the Interim Joint Committee on Education and the Interim\nJoint Committee on Transportation before filing the administrative regulation.\n(9) A member of the advisory committee shall recuse himself or herself fr om any vote\nrelated to any aviation program or industry partner:\n(a) Owned by the member or an immediate family of a member;\n(b) That employs the member or immediate family member of the member; or\n(c) That would otherwise result in a direct benefit, finan cial or otherwise, to that\nmember or an immediate family member of that member.","path":["KRS Chapter 164"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=54535","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:17Z","sha256":"7fc962ed1fd2f90271ceef5af7bfbe0d53bcf9096668dff507b2d4c9b8a1bcb8","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164.7011","next":"us-ky/krs-164.7015"},"notice":"GroundRules: Original legal text. Not legal advice."}