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AN ACT relating to research and making an appropriation therefor

By Francisco Simmons,2014-07-09 06:20
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AN ACT relating to research and making an appropriation therefor

UNOFFICIAL COPY AS OF 07/09/12 12 REG. SESS. 12 RS BR 439

    AN ACT relating to research and making an appropriation therefor.

    Be it enacted by the General Assembly of the Commonwealth of Kentucky:

    ;Section 1. KRS 48.705 is amended to read as follows:

    (1) A budget reserve trust fund account is hereby created in the general fund, pursuant

    to KRS 45.305. The budget reserve trust fund account shall be funded through

    direct appropriations, and surplus amounts as provided in subsection (2) of this

    section. Moneys in the account shall remain unallotted unless required by the

    provisions of this section.

    (2) (a) Each fiscal year, except as provided in subsection (3) of this section, within

    thirty (30) days of the end of the fiscal year, the secretary of the Finance and

    Administration Cabinet shall cause to be deposited to the budget reserve trust

    fund account the lesser of the following amounts:

    1. Fifty percent (50%) of the general fund surplus; or

    2. The amount necessary from the general fund surplus to make the balance

    of the budget reserve trust fund account equal to five percent (5%) of the

    actual general fund receipts collected during the fiscal year just ended, as

    determined by the Finance and Administration Cabinet.

    (b) Any amounts to be deposited to the budget reserve trust fund account from the

    general fund surplus shall be determined after the surplus has been reduced by

    the amount necessary to implement the provisions of any surplus expenditure

    plan authorized by KRS 48.140 and enacted as a part of a branch budget bill. (3) If, at the close of any fiscal year, the budget reserve trust fund account has a balance

    equal to or greater than five percent (5%) of the actual general fund receipts

    collected during the fiscal year just ended, as determined by the Finance and

    Administration Cabinet, the deposits required under subsection (2) of this section

    shall be suspended for that year.

    (4) Moneys in the budget reserve trust fund account may be appropriated by the General

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UNOFFICIAL COPY AS OF 07/09/12 12 REG. SESS. 12 RS BR 439

    Assembly in a regular or special session.

    (5) Before authorizing any allotments from the budget reserve trust fund account, the secretary of the Finance and Administration Cabinet shall notify in writing the Interim Joint Committee on Appropriations and Revenue. The notice shall include the amount and purpose for the proposed allotment.

    (6) Within thirty (30) days of the close of each fiscal year, the secretary of the Finance and Administration Cabinet shall report to the Interim Joint Committee on Appropriations and Revenue the general fund receipts collected for the fiscal year just ended, the balance of the budget reserve trust fund account, and any amounts deposited to the budget reserve trust fund account pursuant to the provisions of subsection (2) of this section.

    (7) All sums appropriated or deposited to the budget reserve trust fund account shall not lapse at the close of the fiscal year but shall carry forward into the next fiscal year. (8) Each fiscal year, within sixty (60) days after the beginning of the fiscal year, and after any transfer to the budget reserve trust fund pursuant to subsection (2) of this section has been made, the following amounts shall be transferred from the budget reserve trust fund:

    (a) One-third of one percent (1/3%) of the balance in the budget reserve trust

    fund, to the Kentucky alternative fuel research trust fund created in Section

    2 of this Act;

    (b) One-third of one percent (1/3%) of the balance in the budget reserve trust

    fund, to the agricultural production research account within the rural

    development fund created in Section 4 of this Act; and

    (c) One-third of one percent (1/3%) of the balance in the budget reserve trust

    fund, to the water quality account of the environmental trust fund created

    in Section 3 of this Act.

    ;SECTION 2. A NEW SECTION OF KRS 152.710 TO 152.720 IS CREATED

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UNOFFICIAL COPY AS OF 07/09/12 12 REG. SESS. 12 RS BR 439

    TO READ AS FOLLOWS:

    (1) The alternative fuel research trust fund is created as a separate revolving fund.

    The trust fund shall consist of funds transferred pursuant to Section 1 of this Act,

    and any other proceeds from grants, contributions, appropriations, or other

    moneys made available for the purposes of the trust fund.

    (2) Notwithstanding KRS 45.229, trust fund amounts not expended at the close of a

    fiscal year shall not lapse but shall be carried forward to the next fiscal year.

    (3) Any interest earnings of the trust fund shall become a part of the trust fund and

    shall not lapse.

    (4) Trust fund moneys shall be used for the purpose of funding research at an

    alternative energy research facility operated by a Kentucky public university, in

    converting coal into a natural gas alternative or a transportation fuel.

    (5) Moneys transferred to the trust fund are hereby appropriated for the purposes set

    forth in this section.

    (6) The fund shall be administered by the Energy and Environment Cabinet. The

    cabinet shall provide information to the Legislative Research Commission by

    July 1 of each year about the amount of transfer in the prior fiscal year, and how

    the transferred funds were used.

    ;Section 3. KRS 224.1-200 is amended to read as follows:

    (1) There is established a special trust fund in the State Treasury[ of the Commonwealth]

    to be known as the "Environmental Trust Fund", to be used for the purpose of

    conducting and funding environmental research, research and development projects,

    and environmental education programs as approved by the board established in KRS

    224.01-210 that assist in implementing the policies and purposes of this chapter. (2) All money collected for the environmental trust fund shall be deposited by the State

    Treasurer into an interest-bearing account and all interest accrued shall be credited

    to the fund.

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UNOFFICIAL COPY AS OF 07/09/12 12 REG. SESS. 12 RS BR 439

    (3) Money unexpended at the close of a fiscal year shall not lapse, but shall be carried

    forward to the next fiscal year or biennium for future use.

    (4) (a) There is established a water quality account within the environmental trust

    fund. This account shall receive the funds transferred pursuant to Section 1

    of this Act, and any other proceeds from grants, contributions,

    appropriations, or other moneys made available for the purposes of this

    account.

    (b) Funds in this account shall used for the purpose of funding research to

    improve Kentucky's water quality.

    ;Section 4. KRS 248.655 is amended to read as follows:

    (1) There is established in the State Treasury a fund to be known as the "Rural

    Development Fund." This fund shall exist for the purpose of receipt and expenditure

    of moneys to improve and promote agricultural development for residents of the

    Commonwealth. The fund may receive state appropriations, gifts, grants, and federal

    funds and shall be disbursed by the State Treasurer upon the warrant of the chair of

    the agriculture[rural] development board. Before and after July 1, 2000, fifty

    percent (50%) of the proceeds in the tobacco settlement agreement fund shall be

    deposited in this fund as provided under KRS 248.654.

    (2) All investment income earned from moneys deposited in the fund shall accrue to the

    fund.

    (3) Notwithstanding KRS 45.229, amounts[The moneys] in the fund shall not lapse at

    the close of any fiscal year but shall be carried forward in the next fiscal year for the

    purpose of the fund.

    (4) The board shall develop and oversee the implementation of a strategic plan. The

    strategic plan shall identify both short-term and long-term goals and the appropriate

    oversights to measure progress toward achievement of those goals, and it shall be

    updated every two (2) years.

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UNOFFICIAL COPY AS OF 07/09/12 12 REG. SESS. 12 RS BR 439

    (5) The board shall submit an annual report to the Governor and the Legislative

    Research Commission by September 1 of each year for the preceding fiscal year,

    outlining its activities and expenditures.

    (6) The Auditor of Public Accounts, on an annual basis, shall conduct a thorough review

    of all expenditures from the fund and, if necessary in the opinion of the Auditor, an

    audit of the operations of the fund.

    (7) No money in the fund shall be allocated until the board has adopted a strategic plan. (8) (a) There is established an agricultural production research account within the

    rural development fund. This account shall receive the funds transferred

    pursuant to Section 1 of this Act, and any other proceeds from grants,

    contributions, appropriations, or other moneys made available for the

    purposes of this account.

    (b) Funds in this account shall be used for the purpose of funding research to

    improve and increase Kentucky's agriculture production;

    (c) Funds in this account shall be allocated for projects throughout the state in

    the same manner as funds allocated pursuant to KRS 248.703(1)(b).

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