Section 164.754 - Education loan funds - Administration account - CreationThere are hereby created, but not by way of limitation, for the purpose of carrying out the purposes of KRS 164.740 to 164.764 the following special funds:
(1) A "scholarship fund" to which shall be credited all funds appropriated by the General Assembly to the authority for scholarships, and all funds received from all other sources for such purposes. All general funds appropriated to this account shall become a part of this account, and shall not lapse.(2) A "loan guarantee fund" account to which shall be credited all funds legally available to the authority and determined by the authority to be applied for the purpose of guaranteeing loans to eligible students together with all funds obtained from all other sources for such purposes. Such fund may be invested as provided by law for the investment of Kentucky Public Employee Retirement System funds and shall be assigned in trust to a corporate trustee for the security of the holders of insured student loans; provided, however, that income derived from investment of such fund shall be returned to the authority for deposit to the "administration" account of the authority.(3) An "administration" account to which shall be credited all funds appropriated by the General Assembly to the authority for administration and all other funds authorized for administrative costs. The authority may transfer from this account to the loan fund, grant fund or work-study fund any amounts accruing in this account not needed to cover the reasonable and necessary administrative expenses of the authority.(4) A "loan fund" to which shall be credited all funds appropriated by the General Assembly for loans and all funds received from all other sources for such purposes. All general funds appropriated to this account shall become a part of this revolving account and shall not lapse. These funds may be invested as provided for the investment of Kentucky Public Employee Retirement System funds or transferred to the loan guarantee fund. Interest income and other income from loans or other investments shall be transferred to the "administration" account of the authority.(5) A "grant fund" to which shall be credited all funds appropriated by the General Assembly for grants and all funds received from all other sources for such purposes.(6) A "work-study fund" to which shall be credited all funds appropriated by the General Assembly for work-study payments and all funds received from all other sources for such purposes.Effective:7/15/1982
Amended 1982 Ky. Acts ch. 403, sec. 6, effective7/15/1982. -- Amended 1978 Ky. Acts ch. 339, sec. 7, effective 6/17/1978. -- Amended 1976 Ky. Acts ch. 215, sec. 3, effective 3/29/1976. -- Amended 1974 Ky. Acts ch. 135, sec. 6. -- Created 1966 Ky. Acts ch. 93, sec. 8.