{"data":{"id":"us-ky/krs-164.754","jurisdiction":"us-ky","citation":"KRS 164.754","heading":"Education loan funds -- Administration account -- Creation.","body":"There are hereby created, but not by way of limitation, for the purpose of carrying out the\npurposes of KRS 164.740 to 164.764 the following special funds:\n(1) A \"scholarship fund\" to which shall be credited all funds appropriated by the\nGeneral Assembly to the authority for scholarships, and all funds received from all\nother sources for such purposes. All general funds appropriated to this account shall\nbecome a part of this account, and shall not lapse.\n(2) A \"loan guarantee fund\" account to which shall b e credited all funds legally\navailable to the authority and determined by the authority to be applied for the\npurpose of guaranteeing loans to eligible students together with all funds obtained\nfrom all other sources for such purposes. Such fund may be inv ested as provided by\nlaw for the investment of Kentucky Public Employee Retirement System funds and\nshall be assigned in trust to a corporate trustee for the security of the holders of\ninsured student loans; provided, however, that income derived from inve stment of\nsuch fund shall be returned to the authority for deposit to the \"administration\"\naccount of the authority.\n(3) An \"administration\" account to which shall be credited all funds appropriated by the\nGeneral Assembly to the authority for administrati on and all other funds authorized\nfor administrative costs. The authority may transfer from this account to the loan\nfund, grant fund or work -study fund any amounts accruing in this account not\nneeded to cover the reasonable and necessary administrative ex penses of the\nauthority.\n(4) A \"loan fund\" to which shall be credited all funds appropriated by the General\nAssembly for loans and all funds received from all other sources for such purposes.\nAll general funds appropriated to this account shall become a pa rt of this revolving\naccount and shall not lapse. These funds may be invested as provided for the\ninvestment of Kentucky Public Employee Retirement System funds or transferred\nto the loan guarantee fund. Interest income and other income from loans or other\ninvestments shall be transferred to the \"administration\" account of the authority.\n(5) A \"grant fund\" to which shall be credited all funds appropriated by the General\nAssembly for grants and all funds received from all other sources for such purposes.\n(6) A \"work -study fund\" to which shall be credited all funds appropriated by the\nGeneral Assembly for work -study payments and all funds received from all other\nsources for such purposes.","path":["KRS Chapter 164"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=4426","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:17Z","sha256":"3cc4e7505489d34559b665af4f39ea9d9003ee1336b3313d74dee16f8dee9efc","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164.7535","next":"us-ky/krs-164.755"},"notice":"GroundRules: Original legal text. Not legal advice."}