{"data":{"id":"us-ky/krs-164a.708","jurisdiction":"us-ky","citation":"KRS 164A.708","heading":"Prepaid tuition contracts entered into before and after April 25, 2006 --","body":"Obligations of the Commonwealth.\n(1) (a) All prepaid tuition contracts in existence on April 25, 2006, shall be supported\nby the full faith and credit of the Commonwealth.\n(b) If the report of the actuary submitted under KRS 164A.704(7) reflects that\nthere will be a real liability expected to accrue for contracts in existence on\nApril 25, 2006, during the next biennium, the secretary of the Finance and\nAdministration Cabinet sha ll include in the budget request for the cabinet an\nappropriation to the board in an amount necessary to meet the real liability in\neach fiscal year of the biennium, and the General Assembly shall appropriate\nthe necessary funds to meet the liability.\n(2) (a) New contracts entered into after April 25, 2006, for a tuition plan approved by\nthe board shall contain actuarially sound premiums sufficient to prevent their\ncontribution to a program fund deficit.\n(b) Payments received from contracts entered into aft er April 25, 2006, shall be\nmaintained separately from contracts in existence on April 25, 2006.\n(c) The Commonwealth shall have no obligation to support contracts entered into\nafter April 25, 2006, with appropriations if a shortfall occurs.","path":["KRS Chapter 164A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=4598","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:19Z","sha256":"fb9e3a7e770a046b4ab08f12cd93ecf473dae0bdcec22a45833804cd5178333e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164a.707","next":"us-ky/krs-164a.709"},"notice":"GroundRules: Original legal text. Not legal advice."}