154.20-410 Kentucky alternative fuel and renewable energy fund. (1) There is created in the State Treasury the "Kentucky alternative fuel and renewable energy fund" for the purpose of enabling Kentucky-based companies to undertake research and development and commercialization in the area of alternative fuels or renewable energy. (2) The fund may receive state appropriations, gifts, grants, federal funds, revolving funds, and any other funds both public and private. Moneys deposited in the fund shall be disbursed by the State Treasurer upon the warrant of the secretary of the Finance and Administration Cabinet. Any unallocated or unencumbered balances in the fund shall be invested as provided in KRS 42.500(9). (3) Notwithstanding KRS 45.229, any income earned from the investments along with the unallotted or unencumbered balances in the fund shall not lapse, and shall be deemed a trust and agency account and made available solely for the purposes and benefits of the Kentucky Alternative Fuel and Renewable Energy Fund Program. Effective: June 25, 2013 History: Amended 2013 Ky. Acts ch. 116, sec. 6, effective June 25, 2013. -- Created 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 47, effective August 30, 2007.
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