Kentucky Statutes 154.20-040 – Loan insurance account — Deposits — Money transferred
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(1) Loan insurance shall be funded by an account, which shall be established and managed by the authority, to be known as the loan insurance account.
(2) The authority shall pay into the account any money appropriated or otherwise provided by this state for that purpose; any money which the authority receives as fees or premiums for its provision of loan, lease, or debenture insurance; loan, lease, or debenture guarantees; or letters of credit; and any other money made available to the authority for the purpose of loan insurance from any other source, public or private.
(3) Money in the loan insurance account may be transferred into any other account established by the authority, unless the authority is otherwise obligated to retain the money in the loan insurance account or if the money was appropriated by this state solely for that purpose.
Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 383, sec. 8, effective July 15, 1988.
Formerly codified as KRS § 154.045
(2) The authority shall pay into the account any money appropriated or otherwise provided by this state for that purpose; any money which the authority receives as fees or premiums for its provision of loan, lease, or debenture insurance; loan, lease, or debenture guarantees; or letters of credit; and any other money made available to the authority for the purpose of loan insurance from any other source, public or private.
Terms Used In Kentucky Statutes 154.20-040
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
(3) Money in the loan insurance account may be transferred into any other account established by the authority, unless the authority is otherwise obligated to retain the money in the loan insurance account or if the money was appropriated by this state solely for that purpose.
Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 383, sec. 8, effective July 15, 1988.
Formerly codified as KRS § 154.045