(1) Each investment fund manager shall file an annual report with the commissioner of the Department of Revenue and with the authority, on or before February 15 of each year during which it manages an investment fund. This report shall include information that the authority prescribes from time to time, including but not limited to the following:
(a) For each small business in which qualified investments are made by the investment fund during the reporting period, the name and address of the small business, the amount of qualified investments made by the investment fund, the job creation anticipated and achieved by the small business, and new products and technologies being developed by the small business;

Terms Used In Kentucky Statutes 154.20-264

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
  • State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
  • Trustee: A person or institution holding and administering property in trust.
  • Year: means calendar year. See Kentucky Statutes 446.010

(b) An affidavit prepared by the investment fund manager or, if the investment fund is an entity, by an authorized officer, partner, trustee, member, or manager of the investment fund management firm that states:
1. At the time of each qualified investment, each small business qualifies as a small business under the provisions of KRS
154.20-250 to 154.20-284;
2. The name and address of each investor, and the amount of cash contribution to the investment fund of each investor who is entitled to the credits; and
3. The continued compliance by the investment fund and the investment fund manager with all applicable state and federal securities laws and regulations.
(2) The authority shall provide an annual written status report to the standing Appropriations and Revenue Committee of each house or to the Interim Joint Committee on Appropriations and Revenue, as appropriate, concerning the activities of the Kentucky investment fund for each fiscal year beginning with the fiscal year ended July 30, 2003. On or before November 1 of each year, the authority shall make an annual report for the preceding fiscal year to the Governor and the Legislative Research Commission. The annual report shall include but not be limited to the following information:
(a) The total number of investors and the aggregate amount of committed cash contributions to all investment funds, categorized by the types of business entities through which investors conduct business and the geographical distribution of investors, including the area development districts;
(b) The total number and amounts of qualified investments made by each investment fund to qualified small businesses, categorized by type of businesses, amount of investment, job creation anticipated and achieved, geographical distribution, including area development districts, and new products and technologies developed; and
(c) The total amount of credits granted to investors.
(3) The contents of the annual reports from investment fund managers to the authority described in subsection (1) of this section shall be treated by the
authority as confidential, and shall not be considered a public record under the
Kentucky Open Records Act, KRS § 61.870 to KRS § 61.884.
(4) The authority may charge a fee in connection with the administration and processing of an annual report made by an investment fund manager.
Effective:June 29, 2017
History: Amended 2017 Ky. Acts ch. 80, sec. 9, effective June 29, 2017. — Amended 2005 Ky. Acts ch. 85, sec. 574, effective June 20, 2005. — Created
2002 Ky. Acts ch. 230, sec. 23, effective July 15, 2002.