(1) There is hereby established in the State Treasury a trust and agency account to be known as the Volkswagen settlement fund. The fund shall consist of moneys designated to the Commonwealth from that settlement.
(2) The fund shall be administered by the Energy and Environment Cabinet.

Terms Used In Kentucky Statutes 224.10-272

  • Cabinet: means the Energy and Environment Cabinet. See Kentucky Statutes 224.1-010
  • 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.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Statute: A law passed by a legislature.
  • Year: means calendar year. See Kentucky Statutes 446.010

(3) Notwithstanding KRS § 45.229, fund amounts not expended at the close of the fiscal year shall not lapse but shall be carried forward into the next fiscal year.
(4) Any interest earned from moneys deposited in the fund shall become a part of the fund and shall not lapse.
Effective: April 27, 2018
History: Created 2018 Ky. Acts ch. 171, sec.1, effective April 14, 2018; and ch. 207, sec. 1, effective April 27, 2018.
Legislative Research Commission Note (4/27/2018). This statute was created by 2018
Ky. Acts ch. 171, sec. 1 and ch. 207, sec. 1, which are identical and have been codified together.

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