Kentucky Statutes 393A.035 – Unclaimed property trust fund
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(1) The unclaimed property trust fund is established in the Treasury of the
Commonwealth.
(2) The trust fund shall be administered by the Finance and Administration Cabinet and all money in excess of the amount to be disbursed in a given fiscal year shall be invested to maximize returns.
(3) The trust fund shall consist of moneys received from appropriations, gifts, grants, federal funds, or moneys received on or after July 1, 2020.
(4) Interest earnings of the fund shall accrue to the trust fund, except to the extent that on July 1 of any fiscal year, if the trust fund has a balance which exceeds one hundred million dollars ($100,000,000), the interest earnings of the fund shall accrue to the general fund.
(5) Notwithstanding KRS § 45.229 and except as provided by subsection (4) of this section, moneys deposited in the fund shall become a part of the fund and shall not lapse.
(6) Nothing in this section shall be interpreted to prohibit the General Assembly from appropriating funds to:
(a) The Department of the Treasury; or
(b) The unclaimed property trust fund.
Effective: June 27, 2019
History: Created 2019 Ky. Acts ch. 63, sec. 1, effective June 27, 2019.
Commonwealth.
Terms Used In Kentucky Statutes 393A.035
- 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.
- Year: means calendar year. See Kentucky Statutes 446.010
(2) The trust fund shall be administered by the Finance and Administration Cabinet and all money in excess of the amount to be disbursed in a given fiscal year shall be invested to maximize returns.
(3) The trust fund shall consist of moneys received from appropriations, gifts, grants, federal funds, or moneys received on or after July 1, 2020.
(4) Interest earnings of the fund shall accrue to the trust fund, except to the extent that on July 1 of any fiscal year, if the trust fund has a balance which exceeds one hundred million dollars ($100,000,000), the interest earnings of the fund shall accrue to the general fund.
(5) Notwithstanding KRS § 45.229 and except as provided by subsection (4) of this section, moneys deposited in the fund shall become a part of the fund and shall not lapse.
(6) Nothing in this section shall be interpreted to prohibit the General Assembly from appropriating funds to:
(a) The Department of the Treasury; or
(b) The unclaimed property trust fund.
Effective: June 27, 2019
History: Created 2019 Ky. Acts ch. 63, sec. 1, effective June 27, 2019.