{"data":{"id":"us-ky/krs-224a.112","jurisdiction":"us-ky","citation":"KRS 224A.112","heading":"Creation  of  infrastructure revolving fund  and  broadband","body":"deployment  fund -- Purpose -- Use of moneys.\n(1) The infrastructure revolving fund shall be established in the State Treasury and\nshall be administered by the authority. The fund shall be a dedicated fund, and\nall moneys  in the fund shall be allocated and dedicated solely to providing\nfinancial assistance to governmental agencies, and investor-owned water\nsystems as provided for in KRS  96.540, 224A.306, 224A.308, and 224A.310,\nfor the construction or acquisition of infrastructure projects through an account\ndesignated as the 2020 water service account.\n(2) The broadband deployment fund shall be established in the State Treasury and\nshall be administered by the office. The fund shall be a dedicated fund, and all\nmoneys  in the fund shall be allocated and dedicated solely to providing grant\nfunds  to governmental agencies and  private sector entities to construct\ninfrastructure for the deployment of broadband service to households and\nbusinesses in underserved or unserved areas of the Commonwealth  through\nan account designated as the broadband deployment fund.\n(3) Funds  in subsections (1) and (2) of this section shall not be commingled and\nshall be used only for the stated purposes in subsections (1) and (2) of this\nsection.\n(4) The financial assistance which may be provided by the revolving fund shall be\nlimited to:\n(a) Making  loans, on the condition that the loans are made  at or below\nmarket interest rates, including interest free loans, at terms not to exceed\nthirty (30) years and that the fund will be credited with all payments of\nprincipal and interest on all loans;\n(b) Purchasing or guaranteeing, or purchasing insurance for, local or state\nobligations when the action would improve credit market access or reduce\ninterest rates;\n(c) Providing a source of revenue or security for the payment of principal and\ninterest on bonds or notes issued by the authority or other agencies of the\nstate if the proceeds of the sale of the bonds will be deposited in the fund;\n(d) Providing moneys with which to carry out the requirements of assistance\nagreements; and\n(e) Making grants as funds specifically appropriated for grants or proceeds\nfrom the sale of the authority's revenue bonds are available.\n(5) The  revolving fund shall be  established, maintained, and  credited with\nrepayments and the fund balance shall be available in perpetuity for its stated\npurposes.\n(6) The  authority may  provide financial assistance from the revolving fund to\nsupplement  assistance provided from the federally assisted wastewater\nrevolving fund as created in KRS 224A.111.\n(7) The  authority shall advise governmental agencies of the availability of the\ninfrastructure revolving fund and how moneys may be obtained from the fund.\n(8) The authority may enter into any necessary or required agreement with federal\nor state agencies or persons to carry out the provisions of this section. All state\nagencies shall cooperate with the authority and share information with the\nauthority as appropriate to accomplish the purposes set out in KRS 224A.300.\n(9) Moneys  in the broadband deployment fund are hereby appropriated for the\npurposes set forth in this section and KRS 224A.1121.\n(10) Notwithstanding KRS  45.229, any  moneys  remaining in the broadband\ndeployment fund at the close of the fiscal year shall not lapse but shall be\ncarried forward into the succeeding fiscal year to be used for the purposes set\nforth in this section and KRS 224A.1121.\n(11) Interest earned on moneys in the broadband deployment fund shall stay in the\nfund.","path":["KRS Chapter 224A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52195","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:52:42Z","sha256":"5fbafa86c12c413fd0839b529d1e0adf5d2981d0534ed41d8915bbe123e79a5b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-224a.1118","next":"us-ky/krs-224a.1121"},"notice":"GroundRules: Original legal text. Not legal advice."}