{"data":{"id":"us-ky/krs-251.650","jurisdiction":"us-ky","citation":"KRS 251.650","heading":"Use of funds -- Kentucky grain insurance fund -- Investment of funds --","body":"Authorization for funds to be invested through the Finance and\nAdministration Cabinet's Office of Financial Management -- Board to report\nto Interim Joint Committee on Approp riations and Revenue and to Interim\nJoint Committee on Agriculture in each odd-numbered year.\n(1) The total value of assessments shall be deposited and held by the board in trust in\nthe Kentucky grain insurance fund to pay valid claims under the provisio ns of this\nsection and KRS 251.400. These funds shall be invested and reinvested in United\nStates Treasury obligations at the direction of the board, and the interest from these\ninvestments shall be deposited to the credit of the fund and shall be available for the\nsame purposes as all other money deposited in the fund. The money in the fund\nshall not be available for any purpose other than the payment of claims in\naccordance with KRS 251.400, refunds, legal fees, management fees, investment\nfees, and administration fees that are approved by the board. No money in this fund\nshall be used for any regulatory or licensing provision in this chapter.\n(2) Notwithstanding the provisions of subsection (1) of this section, the board may\nauthorize the investment of funds for the Kentucky grain insurance fund through the\nFinance and Administration Cabinet's Office of Financial Management in any\nguaranteed security or other guaranteed investment recommended by the office if\nthe board determines the recommendation would maximize the interest or income to\nthe fund.\n(3) By October 1 of each odd-numbered year, the board shall report to the Interim Joint\nCommittee on Appropriations and Revenue and the Interim Joint Committee on\nAgriculture:\n(a) The current balance of the fund;\n(b) The amount of assessments, interest earned, and any other money deposited\ninto the fund; and\n(c) The expenditures incurred due to claims, refunds, management fees,\ninvestment fees, legal fees, and administrative fees.\n(4) Each report shall reflect the deposits into and the expenditures incurred for the most\nrecent biennium.","path":["KRS Chapter 251"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=49428","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:05Z","sha256":"3ba7058e45a4f267cd6fdda41b382cf17b16480ac132a2b26dba7c77b2ceac7c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-251.642","next":"us-ky/krs-251.660"},"notice":"GroundRules: Original legal text. Not legal advice."}