{"data":{"id":"us-ky/krs-61.470","jurisdiction":"us-ky","citation":"KRS 61.470","heading":"Contribution fund and contingent liability fund.","body":"(1) There is hereby established a special fund to be known as the contribution fund.\nSuch fund shall consist of and there shall be deposited therein:\n(a) All contributions, interest, and penalties under KRS 61.450 and 61.460;\n(b) All moneys appropriated or otherwise contributed thereto;\n(c) Any property or securities and earnings thereof acquired through the use of\nmoneys belonging to the fund;\n(d) Interest earned upon any moneys in the fund, and\n(e) All sums recovered from the bond of the custodian or otherwis e for losses\nsustained by the fund, and all other moneys received for the fund from any\nother source. All moneys in the fund shall be mingled and undivided. Subject\nto the provisions of KRS 61.410 to 61.500, the state agency is vested with full\npower, auth ority and jurisdiction over the fund, including all moneys and\nproperty or securities belonging thereto, and may perform any and all acts\nwhether or not specifically designated, which are necessary to the\nadministration thereof and are consistent with the provisions of KRS 61.410\nto 61.500.\n(2) The contribution fund shall be a trust and agency fund which shall not lapse and\nshall be held separate and apart from any other funds or moneys of the state and\nshall be used and administered exclusively for the pur poses of KRS 61.410 to\n61.500. Withdrawals from such fund shall be made for, and solely for:\n(a) Payment of amounts required to be paid to the Secretary of the Treasury\npursuant to an agreement entered into under KRS 61.430;\n(b) Payment of refunds provided for in subsection (3) of KRS 61.450;\n(c) Refunds of overpayments, not otherwise adjustable, made by a political\nsubdivision; and\n(d) For payment of administrative costs for the administration of KRS 61.410 to\n61.500 to the extent of the interest earned on investments of the contribution\nfund.\n(3) From the contribution fund the custodian of the fund shall pay to the Secretary of\nthe Treasury such amounts at such time or times as may be directed by the state\nagency in accordance with any agreement entered into under KRS 61.430.\n(4) At the end of each fiscal year, the state agency shall make an estimate of the\nnecessary operating costs of t he state agency for the next fiscal year, including a\ncontingent liability fund.  After approval of this amount needed for necessary costs\nand contingent liability fund by the secretary of finance and administration, the\nrealized investment earnings of the  contribution fund available at the end of any\nfiscal year shall be reduced to this approved amount, and any excess is hereby\nauthorized for transfer to the credit of the general fund.\n(5) The Treasurer of the state shall be ex officio treasurer and custod ian of the\ncontribution fund and shall administer such fund in accordance with the provisions\nof KRS 61.410 to 61.500 and the directions of the state agency, and shall pay all\nwarrants drawn upon the fund in accordance with the provisions of this section a nd\nwith such regulations as the state agency may prescribe pursuant thereto.","path":["KRS Chapter 61"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22951","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:15Z","sha256":"901915afe48f7e481d7ee9cd7871f2a3cf2c68cb91526cde7acce5e5dee0b03a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-61.460","next":"us-ky/krs-61.480"},"notice":"GroundRules: Original legal text. Not legal advice."}