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Form a Business

DEPARTMENT OF THE TREASURY

KRS tit. VI, ch. 41
in effect

KRS 41.010 Definitions for KRS 41.070, 41.110, 41.120, 41.130, 41.280, 41.290, or 41.300 -- Definitions for chapter

41.010. Definitions for KRS 41.070, 41.110, 41.120, 41.130, 41.280, 41.290, or 41.300 -- Definitions for chapter (1) As used in KRS 41.070, 41.110, 41.120, 41.130, 41.280, 41.290, or 41.300, unless the context requires otherwise, the terms "appropria tion," "budget unit," "disbursements," "expenditures," "expenses," and "receipts" have the meaning given them by KRS 43.010 and 48.010. (2) As used in this chapter: (a) "Administrative body" includes an authority, board, bureau, interstate compact, commission, committee, conference, council, or any other form of organization in the executive branch of state government, but does not include office, department, program cabinet, or division; (b) "Agency" means any state administrative body, program cabinet, of fice, department, or division; (c) "Assistant" means assistant treasurer; (d) "Bank" includes any bank or savings and loan association chartered by the State of Kentucky or the United States government designated to take custody of state funds on deposit, for periods greater than overnight, with the intent to honor presentments against those deposits; (e) "Check," unless the context requires otherwise, means either a paper check or a paperless entry on an electronic data processing medium that substitutes f or a paper check and of which a permanent record is made for purposes of debiting or crediting an account; (f) "Collateral" means the listed securities and other obligations in KRS 41.240(4); (g) "Form" or "report" means any written method of transporting data; (h) "Secretary" means the secretary of the Finance and Administration Cabinet; (i) "State depository" means any bank designated to take custody of state funds on deposit pursuant to KRS 41.220; (j) "Warrant" means a printed or electronic authorization from the Finance and Administration Cabinet for the Treasurer to issue a check; and (k) "Writing" or "written" means letters, words, or numbers, or their equivalent, set down by handwriting, typewriting, printing, photostating, photographing, magnetic impulse, mechanical or electronic recording, or other form of data compilation. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 1, effective June 29, 2021. -- Amended 2009 Ky. Acts ch. 78, sec. 26, effective June 25, 2009. -- Amended 1998 Ky. Acts ch. 118, sec. 1, effective July 15, 1998; and ch. 120, sec. 1, effective July 15, 1998. -- Amended 1982 Ky. Acts ch. 382, sec. 1, effective July 15, 1982; and ch. 450, sec. 55, effective July 1, 1983. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 1992b-2.

KRS 41.020 Treasurer head of department -- Where to keep office

41.020. Treasurer head of department -- Where to keep office The Department of the Treasury shall be headed by the State Treasurer. He or she shall keep his or her office at the seat of government. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 78, sec. 2, effective July 15, 2026. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4618 - 77, 4684.

KRS 41.025 Repealed, 2005

41.025. Repealed, 2005 Catchline at repeal: Tuition Account Program Office. History: Repealed 2005 Ky. Acts ch. 162, sec. 9, effective July 1, 2005. -- Created 2000 Ky. Acts ch. 163, sec. 8, effective July 14, 2000.

KRS 41.030 Repealed, 1946

41.030. Repealed, 1946 Catchline at repeal: Bond of Treasurer. History: Repealed 1946 Ky. Acts ch. 27, sec. 21. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4680, 4681.

KRS 41.040 Repealed, 1950

41.040. Repealed, 1950 Catchline at repeal: Salary of Treasurer. History: Repealed 1950 Ky. Acts ch. 123, sec. 29. -- Amended 1946 Ky. Acts ch. 26, sec. 3. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4683, 4683a.

KRS 41.050 Repealed, 2021

41.050. Repealed, 2021 Catchline at repeal: Suspension of Treasurer. History: Repealed 2021 Ky. Acts ch. 155, sec. 24, effective June 29, 2021. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4685.

KRS 41.060 Assistant treasurer

41.060. Assistant treasurer (1) The Treasurer shall appoint an assistant and may remove him or her at pleasure. The assistant shall take the constitutional oath. The assistant may perform any of the duties of the Treasurer, excepting the signing of checks, and shall perform the duties of clerk. (2) If the Treasurer is incapacitated, or is absent from the seat of government, the assistant shall discharge the duties of the office during the incapacity or absence of the Treasurer. (3) The Treasurer and his or her sureties shall be responsible on his or her bond for all the acts and omissions of the assistant. (4) The salary of the assistant shall be fixed by the Treasurer, subject to the provisions of KRS Chapter 18A. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 2, effective June 29, 2021. -- Amended 1982 Ky. Acts ch. 448, sec. 59, effective July 15, 1982. -- Amended 1962 Ky. Acts ch. 210, sec. 4. -- Amended 1946 Ky. Acts ch. 27, sec. 45. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4682, 4683.

KRS 41.070 Moneys to be deposited in state depositories -- Exceptions -- Designated depositories -- Records of agencies

41.070. Moneys to be deposited in state depositories -- Exceptions -- Designated depositories -- Records of agencies (1) Unless otherwise expressly provided by law, no receipts from any source of state money or money for which the state is responsible shall be held, used, or deposited in any personal or special bank account, temporarily or otherwise, by any agent or employee of any budget unit, to meet expenditures or for any other purpose. (2) All receipts of any character of any budget unit, all revenue collected for the state, and all public money and dues to the state shall be deposited in state depositories in the most prompt and cost-efficient manner available. However in the case of state departments or agencies located outside Frankfort, and all state institutions, the Finance and Administration Cabinet may permit temporary deposits to be made to the accounts maintained by the agency, department, or institution in a state depository for a period not to exceed thirty (30) days, and may require that the money be forwarded to the State Treasury at the time and in the manner and form prescribed by the cabinet. Nothing in this section shall be construed as authorizing any representative of any agency, department, or institution to enforce or cash, even for the purpose of a deposit, any check or other instrument of value payable to the Commonwealth or any agency thereof. (3) Each agency depositing its receipts directly with the State Treasurer shall do so in the manner approved by the State Treasurer as agent in charge of public fund deposits. (4) The Department of Revenue may deposit receipts to the credit of the State Treasury directly with a state depository utilized by the Commonwealth for its primary banking services. The State Treasurer, with the approval of the Finance and Administration Cabinet, may authorize other agencies to deposit receipts directly with a state depository to the credit of the State Treasury if the Treasurer prescribes the manner in which the deposit is to be made, and the forms and reports to be filed with the Treasury Department. The Finance and Administration Cabinet shall prescribe the forms and reports to be filed with it when this type of deposit is made. (5) Each department, agency, or other budget unit which receives funds to be deposited into the State Treasury shall maintain records to report adequately each amount received, from whom received, and date received. Agency records shall be easily reconcilable with the information forwarded to the State Treasurer. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 3, effective June 29, 2021. -- Amended 2005 Ky. Acts ch. 85, sec. 46, effective June 20, 2005. -- Amended 1998 Ky. Acts ch. 118, sec. 2, effective July 15, 1998. -- Amended 1994 Ky. Acts ch. 58, sec. 1, effective March 10, 1994. -- Amended 1982 Ky. Acts ch. 382, sec. 31, effective July 15, 1982. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Amended 1968 Ky. Acts ch. 119, sec. 1. -- Amended 1954 Ky. Acts ch. 244, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 1922b-45, 4618-85, 4686.

KRS 41.080 Repealed, 1968

41.080. Repealed, 1968 Catchline at repeal: Permits to Treasurer to receive money. History: Repealed 1968 Ky. Acts ch. 119, sec. 21. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 152, 4686, 4687.

KRS 41.090 Repealed, 1968

41.090. Repealed, 1968 Catchline at repeal: Pay-in vouchers. History: Repealed 1968 Ky. Acts ch. 119, sec. 21. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 1992b-47.

KRS 41.100 Treasurer to receive and acknowledge notification of moneys from state agencies -- Approval of travel expenses of state constitutional officers

41.100. Treasurer to receive and acknowledge notification of moneys from state agencies -- Approval of travel expenses of state constitutional officers (1) The Treasurer shall receive notification from state agencies of all money due or payable to the state. The Treasurer shall provide acknowledgment of the notification to the Finance and Administration Cabinet. (2) (a) As used in this subsection, "state constitutional officer" has the same meaning as in KRS 61.105. (b) 1. Except as provided in subparagraph 2. of this paragraph, every state constitutional officer shall submit all travel expense requests to the Treasurer for approval during the last six (6) months of his or her term of office. 2. Subparagraph 1. of this paragraph shall not apply to the Treasurer. The Treasurer shall instead submit his or her travel expense requests to the Auditor of Public Accounts for approval during the last six (6) months of his or her term of office. Effective: July 15, 2026 History: Amended 2026 Ky. Acts ch. 178, sec. 6, effective July 15, 2026. -- Amended 1998 Ky. Acts ch. 118, sec. 3, effective July 15, 1998. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Amended 1968 Ky. Acts ch. 119, sec. 2. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4695.

KRS 41.110 Restrictions on withdrawals of money from Treasury

41.110. Restrictions on withdrawals of money from Treasury (1) No public money shall be withdrawn from the Treasury for any purpose other than that for which its withdrawal is proposed in accordance with the Constitution and statutes of the Commonwealth of Kentucky, nor unless it has been appropriated by the General Assembly or is a part of a revolving fund, and has been allotted as provided in KRS 48.010 to 48.800, and then only on the warrant of the Finance and Administration Cabinet. (2) The provisions of this section do not apply to withdrawals of funds from one (1) or more state depositories for immediate redeposit in other state depositories or to funds held in trust for the security of bond holders. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 4, effective June 29, 2021. -- Amended 1982 Ky. Acts ch. 450, sec. 56, effective July 1, 1983. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Amended 1968 Ky. Acts ch. 119, sec. 3. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 1992b-36, 4688.

KRS 41.120 Claims to be paid by warrants -- Warrant authorizes Treasurer to pay -- Manner of authorization

41.120. Claims to be paid by warrants -- Warrant authorizes Treasurer to pay -- Manner of authorization (1) All claims against the state shall be paid by the Treasurer on the warrants of the Finance and Administration Cabinet. (2) All warrants issued in accordance with the provisions of this chapter shall, when signed by the secretary of the Finance and Administration Cabinet or an assistant designated by him or her, constitute full and sufficient authority to the Treasurer for the disbursement of public money in the amount set forth. (3) Signatures may be placed on the warrants by means of an approved mechanical device. A signed transmittal which lists warrants may be accepted in lieu of each warrant being signed. Electronic authorization, approved by the secretary of the Finance and Administration Cabinet, may be accepted in lieu of any signatures. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 5, effective June 29, 2021. -- Amended 1998 Ky. Acts ch. 118, sec. 4, effective July 15, 1998. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Amended 1968 Ky. Acts ch. 119, sec. 4. -- Amended 1950 Ky. Acts ch. 101, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 1992b-34, 1992b-37.

KRS 41.130 Warrants -- Contents -- Conditions of issuance -- Unified and integrated system of accounts

41.130. Warrants -- Contents -- Conditions of issuance -- Unified and integrated system of accounts (1) Each warrant of the Finance and Administration Cabinet upon the Treasury shall specify the date, amount, and person to whom payable, and no money shall be disbursed by the Treasurer unless the warrant contains these specifications. (2) No warrant shall be issued unless the money to pay it has been appropriated by law. The Finance and Administration Cabinet may require any claimant to state on the face of his claim the law under which it is payable. (3) The Finance and Administration Cabinet shall record all warrants in the unified and integrated system of accounts. (4) The Treasurer shall maintain electronic records in the unified and integrated system of accounts that show all checks issued, the name of the payee, date, and amount and shall be in a format that is readily reconcilable with the warrants issued by the Finance and Administration Cabinet. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 6, effective June 29, 2021. -- Amended 1998 Ky. Acts ch. 118, sec. 5, effective July 15, 1998. -- Amended 1974 Ky. Acts ch. 74, Art, II, 9(1). -- Amended 1968 Ky. Acts ch. 119, sec. 5. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 143, 146, 1992b- 37, 4689.

KRS 41.140 Repealed, 2021

41.140. Repealed, 2021 Catchline at repeal: Warrants to be submitted to Treasurer. History: Repealed 2021 Ky. Acts ch. 155, sec. 24, effective June 29, 2021. -- Amended 1998 Ky. Acts ch. 118, sec. 6, effective July 15, 1998. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 1992b-51.

KRS 41.150 Repealed, 2021

41.150. Repealed, 2021 Catchline at repeal: Treasurer to accept warrants -- Payment -- Register of checks. History: Repealed 2021 Ky. Acts ch. 155, sec. 24, effective June 29, 2021. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Amended 1968 Ky. Acts ch. 119, sec. 6. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 1992b-37, 4688a-1.

KRS 41.160 Payments to be made by Treasurer

41.160. Payments to be made by Treasurer (1) No money shall be paid out of the Treasury except by the check of the Treasurer upon a state depository, or through the provisions of KRS 45A.655. (2) Payments may be made direct by the Treasurer to the persons entitled to receive them, by mail or otherwise, or through the heads of the budget units which incurred the expenditures. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 7, effective June 29, 2021. -- Amended 1998 Ky. Acts ch. 118, sec. 7, effective July 15, 1998. -- Amended 1968 Ky. Acts ch. 119, sec. 7. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 1992b-34, 4688, 4689.

KRS 41.165 Wage payment by electronic transfer of funds -- Request forms

41.165. Wage payment by electronic transfer of funds -- Request forms (1) Notwithstanding the provisions of KRS 337.010 through 337.070 and 41.160, the Treasurer shall pay, by electronic fund transfer, the wages of any state employee who makes a prior written request to the employing state agency to be paid by electronic fund transfer. The Treasurer may refuse to comply with the request of an employee if the financial institution designated by the employee does not have the capability of receiving electronic transfers of funds. (2) The Personnel Cabinet shall provide forms on which to request wage payments by electronic transfer of funds. The Personnel Cabinet may, by regulations promulgated pursuant to KRS Chapter 13A, require information on the request forms for wage payment by electronic transfer of funds that sufficiently identifies the employee and the designated financial institution of the employee. (3) Any state agencies which employ persons who have exercised the option authorized by subsection (1) of this section shall retain the forms described in subsection (2) of this section. Effective: July 15, 1998 History: Amended 1998 Ky. Acts ch. 118, sec. 8, effective July 15, 1998; and ch. 154, sec. 60, effective July 15, 1998 -- Amended 1982 Ky. Acts ch. 252, sec. 1, effective July 1, 1983. Legislative Research Commission Note (7/15/98). This section was amended by 1998 Ky. Acts chs. 118 and 154 which do not appear to be in conflict and have been codified together. Legislative Research Commission Note (10/5/90). Pursuant to KRS 7.136(1), KRS Chapter 13A has been substituted for the prior reference to KRS Chapter 13 in this statute. The sections in KRS Chapter 13 were repealed by 1984 Ky. Acts ch. 417, § 36 and KRS Chapter 13A was created in that same chapter of the 1984 Ky. Acts.

KRS 41.167 Electronic funds transfers

41.167. Electronic funds transfers The State Treasurer may withdraw funds from or deposit funds in the State Treasury by means of electronic funds transfers. The Finance and Administration Cabinet shall obtain a payee's prior, written consent for the payment of funds due him or her from the State Treasury by means of direct deposit rather than by means of a paper check issued to him or her. A single authorization may be granted for multiple payments to a payee by means of direct deposit. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 8, effective June 29, 2021. -- Amended 1998 Ky. Acts ch. 118, sec. 9, effective July 15, 1998. -- Created 1982 Ky. Acts ch. 382, sec. 4, effective July 15, 1982.

KRS 41.170 Repealed, 2021

41.170. Repealed, 2021 Catchline at repeal: Record of warrants in system of accounts -- Notice of issuance of checks. History: Repealed 2021 Ky. Acts ch. 155, sec. 24, effective June 29, 2021. -- Amended 1998 Ky. Acts ch. 118, sec. 10, effective July 15, 1998. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Amended 1968 Ky. Acts ch. 119, sec. 8. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 146, 1992b-53.

KRS 41.180 Repealed, 1968

41.180. Repealed, 1968 Catchline at repeal: Interest-bearing warrants; how and when issued. History: Repealed 1968 Ky. Acts ch. 119, sec. 21. -- Amended 1942 Ky. Acts ch. 114, secs. 1, 3, and 4. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4618-85, 4688a-2, 4688a-3, 4688a-6.

KRS 41.185 Repealed, 1968

41.185. Repealed, 1968 Catchline at repeal: Maximum limit on interest-bearing warrants. History: Repealed 1968 Ky. Acts ch. 119, sec. 21. -- Created 1942 Ky. Acts ch. 39, sec. 1.

KRS 41.190 Repealed, 1968

41.190. Repealed, 1968 Catchline at repeal: Calling warrants for payment. History: Repealed 1968 Ky. Acts ch. 119, sec. 21. -- Amended 1966 Ky. Acts ch. 239, sec. 3. -- Amended 1942 Ky. Acts ch. 114, secs. 2 and 4. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4688a-4.

KRS 41.200 Warrants negotiable and tax-free

41.200. Warrants negotiable and tax-free All warrants heretofore or hereafter issued by the state, whether the date of maturity is fixed or not, are negotiable instruments. No warrant shall be subject to taxation by the state or any subdivision thereof. Effective: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4688a-8.

KRS 41.210 Public money to be deposited in state depositories

41.210. Public money to be deposited in state depositories All public money of the state received into the Treasury shall be deposited, on the day it is received, in one (1) or more of the state depositories. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 9, effective June 29, 2021. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 1992b- 44, 4686, 4692.

KRS 41.220 Designation of banks as state depositories -- Minimum capital stock requirement -- Use of banks if state depositories not designated

41.220. Designation of banks as state depositories -- Minimum capital stock requirement -- Use of banks if state depositories not designated (1) Not less than three (3) solvent banks shall be designated as state depositories for state funds. Each bank designated shall have not less than the minimum capital stock as required by the primary state or federal regulator of the bank. Banks shall be designated as state depositories for state funds upon agreement of the State Treasurer and the secretary of the Finance and Administration Cabinet. Those banks designated shall be entered in the executive journal. If at any time it appears that the capital of any state depository has become impaired, the state's deposits shall be withdrawn and deposited with another state depository. (2) The State Treasurer and the secretary of the Finance and Administration Cabinet shall determine the needs for moving state funds from one (1) designated depository to another. (3) If no banks are designated as state depositories in accordance with this section, all banks as defined in KRS 41.010 shall be considered eligible state depositories. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 10, effective June 29, 2021. -- Amended 1998 Ky. Acts ch. 196, sec. 27, effective July 15, 1998. -- Amended 1956 (1st Extra. Sess.) Ky. Acts ch. 7, Art. XVI, sec. 18, effective July 1, 1956. -- Amended 1948 Ky. Acts ch. 115, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 1992b-44, 4692. Legislative Research Commission Note (7/12/2006). 2006 Ky. Acts ch. 247 instructs the Reviser of Statutes to adjust KRS references throughout the statutes to conform with the 2006 renumbering of the Financial Services Code, KRS Chapter 286. Such an adjustment has been made in this statute.

KRS 41.230 Charges for services by state depositories -- Interest on deposits

41.230. Charges for services by state depositories -- Interest on deposits For services rendered by state depositories, compensation shall be made in the form of a predetermined fee or a predetermined compensating balance. State depositories shall each pay to the state, in proportion to the deposits received, interest at such rate per annum upon the average daily deposit on hand at the close of business hours as is agreed upon between the Treasurer and the state depositories, consistent with the regulations promulgated by the State Investment Commission pursuant to KRS 42.525. The interest shall be paid to the Treasurer no later than at the end of each six (6) months or upon maturity commencing with the date of the deposit. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 11, effective June 29, 2021. -- Amended 1982 Ky. Acts ch. 382, sec. 2, effective July 15, 1982. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4692.

KRS 41.240 Pledge of collateral required of state depositories -- Qualifications for a reduced pledge -- Eligible securities and other obligations

41.240. Pledge of collateral required of state depositories -- Qualifications for a reduced pledge -- Eligible securities and other obligations (1) (a) Before any bank shall be named as a state depository to receive public funds, it shall either pledge or provide to the State Treasurer collateral having an aggregate current face value or current quoted market value at least equal to the deposits as of the last business day of each quarter in which funds are so deposited or provide to the State Treasurer a surety bond or surety bonds in favor of the State Treasurer in an amount at least equal to the deposits, as of the last business day of each quarter in which funds are deposited; provided, however, that amounts insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation need not be so collateralized. The president or an executive officer of each state depository shall submit to the Treasurer and the State Investment Commission a statement subscribed and sworn to by the president or executive officer showing: 1. The face value or current quoted market value of the securities or other obligations pledged as collateral; and 2. The value of surety bonds provided as of the time such surety bonds are provided as collateral. The aggregate valuation of all pledged or provided collateral shall be reported to the State Treasurer and State Investment Commission by the state depository within ten (10) days of the close of each quarter after the date of deposit. Such value with respect to pledged collateral other than surety bonds shall be as of the end of the quarter or the preceding business day and, as to surety bonds, the market values shall be obtained from a reputable bond- pricing service. The State Treasurer and Governor may from time to time call for additional collateral to adequately secure the deposits as aggregate face or current market values may require, if the value of collateral is not compliant with state law as of the report date. (b) No deposit of state funds shall collectively exceed at any time the state depository's sum of capital, reserves, undivided profits and surplus or ten percent (10%) of the total deposits of the state depository, whichever is less. For purposes of this subsection only, the value of the state deposit will be determined as of the end of the last business day of each quarter that funds are deposited. (2) (a) As an alternative to subsection (1)(a) of this section, a state depository insured by the Federal Deposit Insurance Corporation may either pledge to the State Treasurer, as collateral, securities or other obligations having an aggregate face value or a current quoted market value or provide to the State Treasurer a surety bond or surety bonds in an amount equal to eighty percent (80%) of the value of the state deposit including demand and time accounts, if the state depository is determined by the State Investment Commission to have very strong credit with little or no credit risk at any maturity level and the likelihood of short-term unexpected problems of significance is minimal or not of a serious or long-term nature. The value of the state deposit will be determined at the end of the business day of deposit and as of the end of business on the last day of each quarter that funds are so deposited. (b) Valuation of all pledged or provided collateral shall be reported to the State Treasurer and the State Investment Commission within ten (10) days of the close of each quarter after the date of deposit. (c) State depositories designated as qualified for reduced pledging shall be so recorded in the executive journal. (d) The State Investment Commission shall determine eligibility for the reduced pledging option based on totally objective and quantifiable measures of financial intermediary performance. The information for such eligibility shall be obtained from publicly available documents. The State Investment Commission shall promulgate the particular criteria of eligibility by regulations issued pursuant to KRS Chapter 13A. (3) State depositories which do not qualify or do not choose to qualify under subsection (1) or (2) of this section shall not receive state deposits in excess of amounts that are insured by an instrumentality of the United States. (4) Only the following securities and other obligations may be accepted by the State Treasurer as collateral under this section: (a) Bonds, notes, letters of credit, or other obligations of or issued or guaranteed by the United States, or those for which the credit of the United States is pledged for the payment of the principal and interest thereof, and any bonds, notes, debentures, letters of credit, or any other obligations issued or guaranteed by any federal governmental agency or instrumentality, presently or in the future established by an Act of Congress, as amended or supplemented from time to time, including, without limitation, the United States government corporations listed in KRS 66.480(1)(c); (b) Obligations of the Commonwealth of Kentucky including revenue bonds issued by its statutory authorities, commissions, or agencies; (c) Revenue bonds issued by educational institutions of the Commonwealth of Kentucky as authorized by KRS 162.340 to 162.380; (d) Obligations of any city of the Commonwealth of Kentucky, or any county, for the payment of principal and interest on which the full faith and credit of the issuing body is pledged; (e) School improvement bonds issued in accordance with the authority granted under KRS 162.080 to 162.100; (f) School building revenue bonds issued in accordance with the authority granted under KRS 162.120 to 162.300, provided that the issuance of such bonds is approved by the Kentucky Board of Education; (g) Surety bonds issued by sureties rated in one (1) of the three (3) highest categories by a nationally recognized rating agency; (h) Letters of credit issued by federal home loan banks; and (i) Real property owned by the bank. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 12, effective June 29, 2021. -- Amended 2014 Ky. Acts ch. 92, sec. 24, effective January 1, 2015. -- Amended 2001 Ky. Acts ch. 112, sec. 3, effective June 21, 2001. -- Amended 1998 Ky. Acts ch. 554, sec. 1, effective July 15, 1998. -- Amended 1996 Ky. Acts ch. 362, sec. 6, effective July 15, 1996. -- Amended 1982 Ky. Acts ch. 382, sec. 3, effective July 15, 1982. -- Amended 1978 Ky. Acts ch. 155, sec. 82, effective June 17, 1978. -- Amended 1972 Ky. Acts ch. 118, sec. 1. -- Amended 1952 Ky. Acts ch. 221, sec. 1, effective June 19, 1952. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4693. Legislative Research Commission Note (10/5/90). Pursuant to KRS 7.136(1), KRS Chapter 13A has been substituted for the prior reference to KRS Chapter 13 in this statute. The sections in KRS Chapter 13 were repealed by 1984 Ky. Acts ch. 417, § 36 and KRS Chapter 13A was created in that same chapter of the 1984 Ky. Acts.

KRS 41.245 Repealed, 1972

41.245. Repealed, 1972 Catchline at repeal: Pledge of county bonds to secure deposits. History: Repealed 1972 Ky. Acts ch. 118, sec. 2. -- Created 1942 Ky. Acts ch. 127, sec. 1.

KRS 41.250 Liability of Treasurer and state depository not affected by bond or pledge

41.250. Liability of Treasurer and state depository not affected by bond or pledge The execution of the bond or the pledge of the warrants or bonds required by KRS 41.240 shall not diminish the liability of the Treasurer and his or her sureties upon his or her bond, nor impair or delay the right of the state to recover on the Treasurer's bond for any loss or misapplication of the public funds or other delinquency in office, nor impair or delay the right of the state to recover from any delinquent or defaulting bank, or the officers or stockholders thereof, in the same manner as other depositors. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 13, effective June 29, 2021. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4693.

KRS 41.260 Transfer of deposits among state depositories

41.260. Transfer of deposits among state depositories Whenever the Treasurer decides to transfer any deposit of public money from one (1) state depository to another, the Treasurer shall notify the Finance and Administration Cabinet, describing the proposed transfer and the deposit of money to be transferred. On receipt of the notification the Finance and Administration Cabinet shall register the proposed transfer and issue its warrant for the amounts specified by the Treasurer. When the transfers have been completed the Treasurer shall immediately notify the Finance and Administration Cabinet. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 14, effective June 29, 2021. -- Amended 1998 Ky. Acts ch. 118, sec. 11, effective July 15, 1998. -- Amended 1974 Ky. Acts ch. 74, Art II, sec. 9(1). -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 1992b-48.

KRS 41.270 Repealed, 1998

41.270. Repealed, 1998 Catchline at repeal: Monthly statements from depositories. History: Repealed 1998 Ky. Acts ch. 118, sec. 20, effective July 15, 1998. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 159, 1992b-52, 4691.

KRS 41.280 Unified and integrated system of accounts -- Annual report by Treasurer

41.280. Unified and integrated system of accounts -- Annual report by Treasurer (1) The Commonwealth of Kentucky shall maintain a unified and integrated system of accounts. As a part of any unified and integrated system of accounts: (a) The Treasurer shall maintain the necessary records to exhibit accurately the Treasury's cash balance; (b) The Finance and Administration Cabinet shall provide the Treasurer with accounting data that will accurately describe the Commonwealth's financial condition, including access to information necessary to determine the status of each receipt and expenditure account; (c) The Treasurer shall keep a record of each depository, showing the amount deposited and the date, and the amount checked out and the date; and (d) The Treasurer shall provide the Finance and Administration Cabinet with information regarding accumulated receipts and the status of warrants. (2) The Treasurer shall make a clear, distinct, and intelligible report of all money received and disbursed during each fiscal year showing the receipts and expenditures of each year on account of every department of the public service, the name of each state depository, and the rate of interest paid by it. The report shall be published annually, and the Treasurer shall submit the report to the Governor, the Chief Justice, and the Legislative Research Commission ninety (90) days after the close of the fiscal year. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 15, effective June 29, 2021. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Amended 1968 Ky. Acts ch. 119, sec. 9. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4697.

KRS 41.290 Private funds and contributions

41.290. Private funds and contributions Every department, institution or other agency of the state government having private funds or contributions available for its support or for the purpose of defraying the expenses of any work done under its direction shall deposit such funds or contributions with the Treasurer, and shall certify to the Finance and Administration Cabinet the sources from which the funds or contributions were received, the terms and conditions under which, and the purpose for which, they were received, the names of the trustees or administrators of the funds or contributions, and the name of the person authorized to approve expenditures from each fund or contribution. All disbursements from such funds and contributions shall be made by the Treasurer on the warrants of the Finance and Administration Cabinet, which shall issue such warrants only upon adequate vouchers approved by the person authorized to approve the expenditures. Separate accounting shall be made for each such contribution, and the receipts and disbursements thereof shall be maintained by the Finance and Administration Cabinet. This section does not apply to private funds of students in state educational institutions nor to the private funds of patients or prisoners in state charitable or correctional institutions, when such funds are deposited with an officer of such institutions for safekeeping, nor to the private funds or contributions made and available to the governing boards of the state supported institutions of higher learning. History: Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Amended 1968 Ky. Acts ch. 119, sec. 10 -- Amended 1946 Ky. Acts ch. 149, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 1992b-49.

KRS 41.295 Repealed, 1954

41.295. Repealed, 1954 Catchline at repeal: Investment of surplus funds of agencies not supported by taxation. History: Repealed 1954 Ky. Acts ch. 245, sec. 2, effective July 1, 1954. -- Created 1944 Ky. Acts ch. 55, sec. 1.

KRS 41.300 Special deposit trust fund

41.300. Special deposit trust fund There shall be a special deposit fund consisting of all money received by the state or any department or officer thereof as guarantees for the payment of any costs, charges or damages accruing or liable to accrue to the state or for the performance of any specific act, including all money deposited as bail to secure the liberation of persons accused of public offenses, all money deposited by bidders on contracts to insure their entering into contracts awarded them, and all money deposited to indemnify persons whose property may be damaged or destroyed by the operations of the depositor. All such money shall be paid to the Treasurer, in the manner provided for the deposit of public money, and shall be deposited by the Treasurer as a trust fund in a separate account in a designated state depository. The money so deposited may be returned to the depositor, if he becomes entitled to its return, without specific appropriation, allotment or authorization for expenditure therefor, in the same manner as other claims against the state may be paid, or may, upon default of any depositor and upon certificate to such effect by the administrative officer having charge of the matter, be declared by the Finance and Administration Cabinet to be forfeited in whole or in part and thereupon be transferred to the extent so forfeited to the general fund. The interest on bank deposits of this fund shall accrue to the general fund. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 16, effective June 29, 2021. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 1992b-50.

KRS 41.305 Elder and vulnerable victims trust fund

41.305. Elder and vulnerable victims trust fund (1) The elder and vulnerable victims trust fund is created as a separate revolving fund in the Office of the State Treasurer. (2) The moneys in the trust fund shall be expended only as provided in this section and are hereby appropriated for those purposes. (3) The State Treasurer shall credit to the trust fund all amounts received for this purpose, including appropriations, grants, gifts, and any amounts received under KRS 381.280. (4) The State Treasurer shall invest trust fund money in the same manner as surplus funds are invested. Earnings shall be credited to the trust fund. (5) Notwithstanding KRS 45.229, any moneys remaining in the trust fund at the close of the fiscal year shall not lapse but shall be carried forward into the succeeding fiscal year to be used for the purposes set forth in this section. (6) Money shall be disbursed from the trust fund only for the purpose of providing funding to one (1) or more public or private nonprofit organizations, including government organizations, in the development or operation of elder or vulnerable adult abuse, neglect, or financial exploitation prevention or intervention programs. An organization shall be eligible to receive funding only if: (a) The organization agrees to provide at least a twenty-five percent (25%) match of the total project amount requested, which may consist of monetary or in- kind contributions; (b) The organization demonstrates a willingness and ability to provide program models and consultation to other organizations and communities regarding program development and maintenance; and (c) The organization funds: 1. Programs which provide advocacy, crisis counseling, financial guardianship, or other similar services to victims of elder or vulnerable adult abuse, neglect, or financial exploitation; 2. Law enforcement, prosecution, or court-based programs that enhance case investigations, prosecutions, or victim assistance in criminal cases involving elder or vulnerable adult abuse, neglect, or financial exploitation; 3. Programs which develop and implement public education and awareness campaigns on elder and vulnerable adult abuse, neglect, or financial exploitation by making use of electronic and print media to inform the public about the nature of these crimes and available resources such as victims' rights, legal remedies, agency services, and prevention strategies; or 4. Research initiatives that provide greater insight into the dynamics of elder and vulnerable adult abuse, neglect, or financial exploitation and guidance on best practices for intervention or prevention strategies. (7) (a) Fiscal, programmatic, and disbursement authority over trust fund money shall be provided by the Justice and Public Safety Cabinet, which shall develop a review panel system to award grants from the trust fund on an annual basis. Panel members shall be individuals with knowledge and operational experience in elder and vulnerable adult abuse, neglect, or financial exploitation and shall be drawn from the law enforcement, court, prosecution, and victim advocacy communities. (b) In disbursing money from the trust fund, the panel shall not disburse to any one (1) program more than twenty-five percent (25%) of the total funds available for disbursement and shall seek to distribute meaningful awards to as many programs as possible throughout the Commonwealth. (8) The Justice and Public Safety Cabinet shall promulgate administrative regulations in accordance with KRS Chapter 13A to implement this section. Effective: June 8, 2011 History: Created 2011 Ky. Acts ch. 43, sec. 4, effective June 8, 2011.

KRS 41.310 Treasurer to furnish information regarding receipts and expenditures to the Finance and Administration Cabinet on a monthly basis

41.310. Treasurer to furnish information regarding receipts and expenditures to the Finance and Administration Cabinet on a monthly basis The Finance and Administration Cabinet shall furnish the Treasurer with information regarding the status of each receipt and expenditure account. At the end of each month, the Treasurer shall furnish the Finance and Administration Cabinet with information regarding the accumulated receipts and a listing of all warrants unpaid as of the end of the last day of each month. Effective: July 15, 1998 History: Amended 1998 Ky. Acts ch. 118, sec. 12, effective July 15, 1998. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Amended 1968 Ky. Acts ch. 119, sec. 11. - - Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 159, 4699.

KRS 41.320 Governor may require statement of condition of Treasury

41.320. Governor may require statement of condition of Treasury The Governor may require, at any time, a full statement of the condition of the Treasury from the Finance and Administration Cabinet, Treasurer, and the state depositories. The Treasurer shall, at all times when called upon by the Governor, exhibit his or her books and accounts of the Treasury and all cash on hand or on deposit. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 17, effective June 29, 2021. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4690, 4699.

KRS 41.330 Delivery of office to successor -- Certification of accounts and inventory -- Certification by assistant treasurer in case of vacancy due to death or incapacitation of Treasurer

41.330. Delivery of office to successor -- Certification of accounts and inventory -- Certification by assistant treasurer in case of vacancy due to death or incapacitation of Treasurer (1) Upon the expiration of the term of office of the Treasurer, or if a vacancy occurs, the outgoing Treasurer shall certify in writing that the accounts and inventory of the Treasury, as recorded in the recordkeeping systems of the Commonwealth, are true, complete, and accurate as of the close of business on the Treasurer's last day in office. The certification shall include accounts and tangible property held by the Treasury pursuant to KRS Chapters 393 and 393A. A copy of this certification shall be provided to the following: (a) The Auditor of Public Accounts; (b) The Secretary of State; and (c) The secretary of the Finance and Administration Cabinet. (2) The money, books, supplies, and equipment shall be delivered to the newly elected Treasurer or the person who fills the vacancy, and the newly elected Treasurer or the person who fills the vacancy shall give a receipt for them which shall be filed with the Secretary of State. (3) In the event that a vacancy occurs due to the death or incapacitation of the Treasurer, the certification set forth in subsection (1) of this section shall be completed by the assistant in accordance with KRS 41.060. (4) Nothing in this section shall be construed as limiting the right of the Auditor to review the accounts and inventory of the Treasurer at other times as the Auditor may deem necessary or appropriate, or as required by KRS 43.060. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 18, effective June 29, 2021. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4684, 4700.

KRS 41.340 Repealed, 2021

41.340. Repealed, 2021 Catchline at repeal: Annual report by Treasurer. History: Repealed 2021 Ky. Acts ch. 155, sec. 24, effective June 29, 2021. -- Amended 1982 Ky. Acts ch. 450, sec. 57, effective July 1, 1983. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4698.

KRS 41.345 Photostatic copies of Treasury records -- Use as evidence

41.345. Photostatic copies of Treasury records -- Use as evidence (1) Treasury checks and records that are susceptible to photostatic reproduction may be proved as to foundation, identity, and authenticity without any preliminary testimony, by use of legible and durable copies, certified in the manner provided herein by the State Treasurer as custodian of the originals. The copies may be used in any trial, hearing, deposition, or any other judicial or administrative action or proceeding, whether civil or criminal, in lieu of the original checks or records. (2) When a subpoena duces tecum is served upon the State Treasurer requiring the production of any checks or records at any action or proceeding, it is sufficient if the State Treasurer, as custodian of the original thereof, promptly notifies, in writing, the attorney for the party causing service of the subpoena, of the State Treasurer's election to proceed under the provisions of this section. Upon notification, the attorney causing the service of the subpoena shall notify all other attorneys of record, or other parties if they are not represented by attorneys, of the State Treasurer's procedure. Following notification, the State Treasurer as custodian of the checks or records specified in the subpoena shall promptly deliver, by certified mail, legible and durable copies, certified by the State Treasurer, of checks or records specified in the subpoena. The certification shall be signed before a notary public by the State Treasurer as custodian of the records. Effective: March 30, 1990 History: Amended 1990 Ky. Acts ch. 211, sec. 2, effective March 30, 1990. -- Created 1986 Ky. Acts ch. 372, sec. 1, effective July 15, 1986.

KRS 41.350 Canceled checks and electronic transactions records to be kept ten years

41.350. Canceled checks and electronic transactions records to be kept ten years (1) Canceled checks and records of all electronic transactions of the State Treasurer debiting state depositories shall be preserved by the State Treasurer for a period of ten (10) years. (2) For purposes of this subsection, preservation of records may be in an electronic format, including the records contained within the state's unified and integrated system of accounts. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 19, effective June 29, 2021. -- Amended 1998 Ky. Acts ch. 118, sec. 13, effective July 15, 1998. -- Amended 1990 Ky. Acts ch. 211, sec. 1, effective March 30, 1990. -- Amended 1982 Ky. Acts ch. 352, sec. 2, effective January 1, 1983; and ch. 382, sec. 5, effective July 15, 1982. -- Created 1946 Ky. Acts ch. 4, sec. 1.

KRS 41.360 Disposition of unclaimed balances of payroll deductions for war bond purchases

41.360. Disposition of unclaimed balances of payroll deductions for war bond purchases (1) Where any officer or employee of the state government or of any agency of the state government has authorized the State Treasurer to deduct from his compensation as such officer or employee a sum or sums for the purchase of United States Series E savings bonds, and thereafter, for any cause, has departed from such office or employment leaving unclaimed in the hands of the State Treasurer a sum arising from such deduction not equal to the amount for which such a bond may be purchased, the State Treasurer shall, within ninety (90) days after the date of the last deduction, mail to such officer or employee, at his last-known address as shown on the records of the Personnel Cabinet, a notice stating the sum held by the State Treasurer for such officer or employee, and requesting that he make claim for the same within six (6) months thereafter. A duplicate of such notice, addressed to the officer or employee, shall at the same time be delivered to the state agency of which the person was an officer or employee. If, at the expiration of six (6) months from the date of mailing the letter, the officer or employee has not made claim for the sum due him, the sum shall, as of July 1 following the expiration of such six- months' period, be presumed abandoned. (2) On or before September 1 of each year, the State Treasurer shall report to the Department of Revenue, in duplicate, a list of the sums presumed to be abandoned as of the preceding July 1, giving the name of the officer or employee and his last- known address. The State Treasurer shall cause the report to be posted and published as provided in KRS 393A.030. If, by November 15 following such posting and publication, the sums involved have not been claimed, the State Treasurer shall place the sums to the credit of the general fund in the State Treasury and shall report that fact to the Department of Revenue. Thereafter such sums shall have the same status as other property turned over to the Department of Revenue, and the rights of any person to make claim for the same shall rest upon the same principles as the rights of other claimants of property presumed to be abandoned under the provisions of KRS Chapter 393. Effective: July 14, 2018 History: Amended 2018 Ky. Acts ch. 163, sec. 87, effective July 14, 2018. -- Amended 2005 Ky. Acts ch. 85, sec. 47, effective June 20, 2005. -- Amended 1998 Ky. Acts ch. 154, sec. 61, effective July 15, 1998. -- Created 1946 Ky. Acts ch. 3, sec. 1.

KRS 41.370 Check to be presented within one year -- Cancellation and warrant against check

41.370. Check to be presented within one year -- Cancellation and warrant against check (1) Any check issued by the State Treasurer shall not be valid as an order for payment after one (1) year from its date of issue and this limitation shall appear on all checks issued. The State Treasurer is authorized to clear the records of all such unpaid checks and credit the amounts to the fund against which it was originally drawn. (2) When any properly endorsed check issued by the State Treasurer is presented for payment more than one (1) year after its date of issue and within the period prescribed by KRS 413.120, the State Treasurer shall, upon satisfactory proof of ownership, cancel the check and forward it to the secretary of the Finance and Administration Cabinet with the date and identifying information which credited the amount of the check to a particular fund. The secretary of the Finance and Administration Cabinet shall draw a warrant against the check. All endorsements on the surrendered check shall have the same effect as if the check were paid by the drawee. All checks paid in the manner herein set forth shall be charged against the fund against which they were originally drawn. Effective: April 11, 2012 History: Amended 2012 Ky. Acts ch. 88, sec. 3, effective April 11, 2012. -- Amended 1998 Ky. Acts ch. 118, sec. 14, effective July 15, 1998. -- Amended 1992 Ky. Acts ch. 115, sec. 1, effective July 14, 1992. -- Amended 1988 Ky. Acts ch. 74, sec. 2, effective July 15, 1988. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(2). -- Amended 1972 Ky. Acts ch. 209, sec. 1. -- Created 1948 Ky. Acts ch. 187, sec. 1.

KRS 41.375 Issuance of duplicate check -- Liability for loss sustained by issuance

41.375. Issuance of duplicate check -- Liability for loss sustained by issuance (1) A duplicate check shall be issued by the Treasurer upon: (a) Receipt of a notarized affidavit, which may be transmitted to the Treasury in an electronic format, signed by the payee and stating that the original check has been lost or stolen; and (b) A review of the records of the Treasury, including the unified and integrated system of accounts to determine that the original check has not been presented for payment. (2) The payee receiving a duplicate check shall make good any loss the Commonwealth or the Treasurer may sustain on account of the issuance of the duplicate or the presentation and payment of the original, if the loss has been caused by actions of the payee. The Treasurer shall not be liable for any loss sustained by the issuance of the duplicate check. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 20, effective June 29, 2021. -- Created 1992 Ky. Acts ch. 115, sec. 2, July 14, 1992.

KRS 41.390 Repealed, 1997

41.390. Repealed, 1997 Catchline at repeal: Power to borrow money and issue negotiable notes. History: Repealed 1997 (1st Extra. Sess.) Ky. Acts ch. 4, sec. 44, effective May 30, 1997. -- Amended 1996 Ky. Acts ch. 274, sec. 1, effective July 15, 1996. -- Amended 1988 Ky. Acts ch. 273, sec. 2, effective July 15, 1988. -- Created 1954 Ky. Acts ch. 192, sec. 1, effective June 17, 1954.

KRS 41.400 Child victims' trust fund -- Limitation on disbursement

41.400. Child victims' trust fund -- Limitation on disbursement (1) The child victims' trust fund is created as a separate fund in the office of the State Treasurer. The fund shall be expended only as provided in this section. (2) The State Treasurer shall credit to the trust fund all amounts received for this purpose and any amounts received under KRS 141.440. (3) The State Treasurer shall invest trust fund money in the same manner as surplus funds are invested. Earnings shall be credited to the trust fund. (4) Until the total amount of assets in the trust fund exceeds twenty million dollars ($20,000,000), not more than one-half of the money contributed to the trust fund each year, plus the earnings credited to the trust fund during the previous fiscal year, and the money earned by the sale of child victims' trust fund license plates pursuant to KRS Chapter 186, shall be available for disbursement upon the authorization of the state board as provided in KRS 15.935. After such time that the State Treasurer certifies that the assets in the trust fund exceed twenty million dollars ($20,000,000), only the earnings credited to the trust fund shall be available for disbursement upon the authorization of the state board as provided in KRS 15.935. (5) Funds granted or funds received as gifts or donations to the child victims' trust fund shall be available for disbursement upon appropriation by the General Assembly, and funds authorized for expenditure shall not be considered assets for purposes of subsection (4) of this section. Effective: June 20, 2005 History: Amended 2005 Ky. Acts ch. 133, sec. 9, effective June 20, 2005. -- Amended 1996 Ky. Acts ch. 366, sec. 9, effective July 15, 1996. -- Created 1984 Ky. Acts ch. 382, sec. 13, effective July 13, 1984.

KRS 41.410 Commonwealth Council on Developmental Disabilities -- Members -- Executive director -- Duties

41.410. Commonwealth Council on Developmental Disabilities -- Members -- Executive director -- Duties (1) The Commonwealth Council on Developmental Disabilities is created within the Department of the Treasury. (2) The Commonwealth Council on Developmental Disabilities is established to comply with the requirements of the Developmental Disabilities Assistance and Bill of Rights Act of 2000 and any subsequent amendment to that act. (3) (a) The members of the Commonwealth Council on Developmental Disabilities shall be appointed by the Governor to serve as advocates for persons with developmental disabilities. The council shall be composed of twenty-six (26) members. (b) Ten (10) members shall be representatives of: the principal state agencies administering funds provided under the Rehabilitation Act of 1973 as amended; the state agency that administers funds provided under the Individuals with Disabilities Education Act (IDEA); the state agency that administers funds provided under the Older Americans Act of 1965 as amended; the single state agency designated by the Governor for administration of Title XIX of the Social Security Act for persons with developmental disabilities; higher education training facilities, each university-affiliated program or satellite center in the Commonwealth; and the protection and advocacy system established under Public Law 101-496. These members shall represent the following: 1. Office of Vocational Rehabilitation; 2. Division of Blind Services within the Office of Vocational Rehabilitation; 3. Department of Education; 4. Department for Aging and Independent Living; 5. Department for Medicaid Services; 6. Department of Public Advocacy, Protection and Advocacy Division; 7. University-affiliated programs; 8. Local and nongovernmental agencies and private nonprofit groups concerned with services for persons with developmental disabilities; 9. Department for Behavioral Health, Developmental and Intellectual Disabilities; and 10. Department for Public Health, Division of Maternal and Child Health. (c) At least sixty percent (60%) of the members of the council shall be composed of persons with developmental disabilities or the parents or guardians of persons, or immediate relatives or guardians of persons with mentally impairing developmental disabilities, who are not managing employees or persons with ownership or controlling interest in any other entity that receives funds or provides services under the Developmental Disabilities Assistance and Bill of Rights Act of 2000 as amended and who are not employees of a state agency that receives funds or provides services under this section. Of these members, five (5) members shall be persons with developmental disabilities, and five (5) members shall be parents or guardians of children with developmental disabilities or immediate relatives or guardians of adults with mentally impairing developmental disabilities who cannot advocate for themselves. Six (6) members shall be a combination of individuals in these two (2) groups, and at least one (1) of these members shall be an immediate relative or guardian of an institutionalized or previously institutionalized person with a developmental disability or an individual with a developmental disability who resides in an institution or who previously resided in an institution. (d) Members not representing principal state agencies shall be appointed for a term of three (3) years. Members shall serve no more than two (2) consecutive three (3) year terms. Members shall serve until their successors are appointed or until they are removed for cause. (e) The council shall elect its own chair, adopt bylaws, and operate in accordance with its bylaws. Members of the council who are not state employees shall be reimbursed for necessary and actual expenses. The Department of the Treasury shall provide personnel adequate to ensure that the council has the capacity to fulfill its responsibilities. The council shall be headed by an executive director. If the executive director position becomes vacant, the council shall be responsible for the recruitment and hiring of a new executive director. (4) The Commonwealth Council on Developmental Disabilities shall: (a) Develop and implement the state plan as required by Part B of the Developmental Disabilities Assistance and Bill of Rights Act of 2000, as amended, with a goal of development of a coordinated consumer and family centered focus and direction, including the specification of priority services required by that plan; (b) Monitor, review, and evaluate, not less often than annually, the implementation and effectiveness of the state plan in meeting the plan's objectives; (c) To the maximum extent feasible, review and comment on all state plans that relate to persons with developmental disabilities; (d) Submit to the Department of the Treasury and the Secretary of the United States Department of Health and Human Services any periodic reports on its activities as required by the United States Department of Health and Human Services and keep records and afford access as the Department of the Treasury finds necessary to verify the reports; (e) Serve as an advocate for individuals with developmental disabilities and conduct programs, projects, and activities that promote systematic change and capacity building; (f) Examine, not less than once every five (5) years, the provision of and need for federal and state priority areas to address, on a statewide and comprehensive basis, urgent needs for services, supports, and other assistance for individuals with developmental disabilities and their families; and (g) Prepare, approve, and implement a budget that includes amounts paid to the state under the Developmental Disabilities Assistance and Bill of Rights Act of 2000, as amended, to fund all programs, projects, and activities under that Act. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 26, sec. 3, effective June 29, 2021. -- Amended 2019 Ky. Acts ch. 125, sec. 1, effective June 27, 2019; and ch. 146, sec. 4, effective June 27, 2019. -- Repealed, reenacted as KRS 41.410, and amended 2018 Ky. Acts ch. 95, sec. 1, effective July 14, 2018. -- Amended 2016 Ky. Acts ch. 18, sec. 3, effective July 15, 2016. -- Amended 2012 Ky. Acts ch, 146, sec. 22, effective July 12, 2012; and ch. 158, sec. 17, effective July 12, 2012. -- Amended 2007 Ky. Acts ch. 24, sec. 5, effective June 26, 2007. -- Amended 2006 Ky. Acts ch. 211, sec. 118, effective July 12, 2006. -- Amended 2005 Ky. Acts ch. 99, sec. 156, effective June 20, 2005; and ch. 138, sec. 3, effective June 20, 2005. -- Amended 2002 Ky. Acts ch. 59, sec. 1, effective July 15, 2002. -- Amended 2000 Ky. Acts ch. 20, sec. 1, effective July 14, 2000. -- Created 1998 Ky. Acts ch. 426, sec. 14, effective July 15, 1998. Formerly codified as KRS 194A.135. Legislative Research Commission Note (6/29/2021). Under the authority of KRS 7.136(1), the Reviser of Statutes has altered the format of the text in subsection (3) of this statute during codification. The words in the text were not changed.

KRS 41.415 STABLE Kentucky accounts -- Administration -- Cooperative agreements

41.415. STABLE Kentucky accounts -- Administration -- Cooperative agreements (1) As used in this section, "STABLE Kentucky account" has the same meaning as in KRS 164A.260. (2) The Department of the Treasury shall be responsible for administering in accordance with this section and KRS 164A.260 and promoting STABLE Kentucky accounts. (3) In order to ensure that the program is administered in a cost -effective manner, the Department of the Treasury may enter into any cooperative agreements, contracts, or similar instruments with: (a) Other states which administer programs created under 26 U.S.C. sec. 529A; (b) Other agencies or departments of the Commonwealth; or (c) A nonprofit organization tasked with providing services to individuals who are eligible for a STABLE Kentucky account. Effective: June 29, 2023 History: Amended 2023 Ky. Acts ch. 157, sec. 1, effective June 29, 2023. -- Created 2019 Ky. Acts ch. 125, sec. 2, effective June 27, 2019.

KRS 41.450 Kentucky Financial Empowerment Commission -- Board of directors -- Membership -- Terms -- Vacancies -- Removal -- Appeal

41.450. Kentucky Financial Empowerment Commission -- Board of directors -- Membership -- Terms -- Vacancies -- Removal -- Appeal (1) As used in KRS 41.450 to 41.465: (a) "Board" means the board of directors of the commission; and (b) "Commission" means the Kentucky Financial Empowerment Commission. (2) The commission is created and established as an independent de jure municipal corporation and political subdivision of the Commonwealth of Kentucky to perform essential governmental and public functions for the purposes set forth in KRS 41.450 to 41.465. (3) The commission shall be governed by a board consisting of eleven (11) members as follows: (a) The State Treasurer or the Treasurer's designee; (b) The commissioner of the Kentucky Department of Education or his or her designee; (c) The commissioner of the Department of Financial Institutions or his or her designee; (d) A representative from the Federal Reserve Bank of St. Louis – Louisville Branch; (e) A representative from the Kentucky Credit Union League; (f) A representative from the Kentucky Bankers Association; and (g) Five (5) members appointed by the State Treasurer. (4) (a) Members of the board not representing state agencies shall be appointed for a term of three (3) years. (b) Members of the board not representing state agencies shall serve no more than two (2) consecutive three (3) year terms. (c) Members of the board shall serve until their successors are appointed or until they are removed for cause. (5) For initial appointments of the five (5) members appointed by the State Treasurer to the board, two (2) members shall be appointed for a term of four (4) years each, and three (3) members shall be appointed for terms of three (3) years each. (6) If a vacancy of one (1) of the five (5) members appointed to the board by the State Treasurer occurs, the State Treasurer shall appoint a replacement who shall hold office during the remainder of the term vacated. (7) (a) The State Treasurer may remove any of the five (5) members appointed by the State Treasurer in case of incompetency, neglect of duties, gross immorality, or malfeasance in office, and may upon removal declare the position vacant and appoint a person to fill the vacancy as provided in other cases of vacancy. (b) 1. If a board member is removed under paragraph (a) of this subsection, he or she may appeal that action. 2. Upon appeal, an administrative hearing shall be conducted in accordance with KRS Chapter 13B. Effective: June 27, 2019 History: Created 2019 Ky. Acts ch. 155, sec. 1, effective June 27, 2019. Legislative Research Commission Note (6/27/2019). Under the authority of KRS 7.136(1), the Reviser of Statutes has rearranged the paragraphs in subsection (1) of this statute to place the definitions in alphabetical order. No words in the definitions were changed in the process.

KRS 41.455 Board chair and vice chair -- Quorum -- Meetings -- Expenses -- Conflict of interest -- Administrative support

41.455. Board chair and vice chair -- Quorum -- Meetings -- Expenses -- Conflict of interest -- Administrative support (1) (a) The State Treasurer shall serve as chair of the board of the commission. (b) At the first board meeting following initial appointment of all board members, the board shall elect a vice chair from its membership, and a vice chair shall be elected annually thereafter. (2) The vice chair shall chair any meetings when directed to do so in writing by the State Treasurer. (3) (a) A majority of the commission board members shall constitute a quorum for the purposes of conducting its business, exercising its powers, and for all other purposes. (b) In determining whether a quorum exists, vacancies on the board shall be considered. (4) (a) The board shall meet at least once a quarter. (b) The board may meet at other times: 1. Upon call of the chair; or 2. At the written request of a majority of board members; with a minimum of a seven (7) day notice. (5) Board members shall receive no compensation for their services, but may be entitled to payment of reasonable and necessary expenses actually incurred in attending meetings, or discharging their official duties, subject to availability of funding. (6) Any reimbursement of extraordinary travel expenses of board members, including but not limited to attending conventions and conferences, shall be reasonable and necessary and shall be approved by vote of a majority of the board during a meeting. (7) If any board member has a direct or indirect interest in any organization, department, or agency with which the commission seeks to enter into a contract: (a) The interest shall be disclosed and set forth in the minutes of the board; and (b) The board member having the interest shall not participate in any action involving the organization in which he or she has the interest. (8) (a) The Kentucky State Treasury: 1. Shall provide technical, clerical, and administrative assistance and support to the commission; and 2. May provide state personnel, property, and resources to assist the commission in its functions as set forth in KRS 41.450 to 41.465. (b) As funding is available, the commission may enter into a contract with the Kentucky State Treasury as may be proper and appropriate for the provision of these services and resources. Effective: June 27, 2019 History: Created 2019 Ky. Acts ch. 155, sec. 2, effective June 27, 2019.

KRS 41.460 Powers and duties of commission and board -- Executive director

41.460. Powers and duties of commission and board -- Executive director (1) All powers and duties conferred upon the commission in this chapter shall be exercised by the board, including but not limited to the following: (a) To adopt bylaws and operate according to its bylaws; (b) To enter into agreements, contracts, or other documents with any: 1. Federal, state, or local agency; or 2. Person, corporation, association, partnership, or other organization or entity; necessary to accomplish the purposes set forth in KRS 41.450 to 41.465; (c) 1. To develop and implement a plan toward increasing financial empowerment for all Kentuckians, specifically the following target groups: a. State government personnel; b. Kentuckians with disabilities; c. Kentuckians below the poverty threshold as defined by federal guidelines; d. K-12 students in Kentucky; e. Military veterans and personnel who claim residence in Kentucky; and f. Kentuckians who are retired or at retirement age. 2. Any curriculum shall be developed by local schools under direction provided by the Kentucky Board of Education related to financial literacy guidelines as promulgated in administrative regulations under KRS 158.1411; (d) To monitor, review, and evaluate, not less often than annually, the implementation and effectiveness of the commission's objectives; (e) To accept for inclusion in the fund appropriations, grants, revenue sharing, devises, gifts, bequests, donations, federal grants, and any other aid from any source whatsoever and to agree to, and to comply with, conditions incident thereto; (f) To incorporate a nonprofit organization pursuant to KRS Chapter 273 which qualifies as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code, for the purposes of receiving tax-deductible gifts, donations, and bequests; and (g) 1. To employ a full-time executive director, who shall hold office at the pleasure of the board, and any employees necessary to fulfill the duties of the commission. 2. The executive director may be terminated by a vote of seven (7) members of the board. 3. The executive director shall: a. Act under the direction of the board; b. Hire necessary staff to assist in performing the duties of the commission; c. Carry out the policy and program directives of the commission; d. Be responsible for the day-to-day operations of the commission; e. Establish appropriate organizational structures and personnel policies; f. Prepare annual reports on the commission's activities; g. Prepare budgets; and h. Perform all other duties as directed by the commission or assigned by law. 4. The executive director and any employees of the commission shall not participate as members of the Kentucky Retirement Systems. (2) Nothing in this section shall be construed to require the Kentucky Department of Education or any particular school district to utilize any resource or provider that enters into a contractual relationship with the commission. Effective: June 27, 2019 History: Created 2019 Ky. Acts ch. 155, sec. 3, effective June 27, 2019.

KRS 41.465 Annual financial statement audit

41.465. Annual financial statement audit (1) (a) The commission shall annually procure a financial statement audit of all funds and accounts within its control. (b) The audit shall be conducted in accordance with generally accepted government auditing standards. (2) (a) The commission shall not enter into any contract with a certified public accountant for an audit unless the Auditor of Public Accounts has: 1. Declined in writing to perform the audit; or 2. Failed to respond within fifteen (15) days of receipt of a written request for an audit. (b) If the Auditor of Public Accounts performs the annual audit required in subsection (1) of this section, the Auditor of Public Accounts shall maintain a record of all expenses incurred, including time worked on the audit, and these expenses shall be charged to the commission. (c) If the Auditor of Public Accounts does not perform the annual audit, any contract with a certified public accountant shall specify the following: 1. The certified public accountant shall forward a copy of the audit report and management letters to the Auditor of Public Accounts and to the Legislative Research Commission; and 2. The Auditor of Public Accounts shall have the right to review the certified public accountant's work papers. Effective: June 27, 2019 History: Created 2019 Ky. Acts ch. 155, sec. 4, effective June 27, 2019.

KRS 41.470 Legislative findings

41.470. Legislative findings The General Assembly finds that: (1) Fossil fuels currently supply more than eighty percent (80%) of the world’s primary energy, and the United States Energy Information Administration still projects global consumption of fossil fuels to increase steadily at least through 2050; (2) Restricting the supply of fossil fuels, without an immediate substitute for those fuels, only serves to raise prices on energy consumers, profoundly impacting the poorest among us; (3) Denying financing to American and European fossil energy producers, who are among the most socially and environmentally responsible companies in the world, only serves to support hostile nations and less responsible producers; (4) Banks are increasingly denying financing to creditworthy fossil energy companies solely for the purpose of decarbonizing their lending portfolios and marketing their environmental credentials, to the detriment of potential returns for their shareholders; (5) Institutional investors are divesting from fossil energy companies and pressuring corporations to commit to the goal of the Paris Agreement to reduce greenhouse gas emissions to zero by 2050; (6) Large investment firms are colluding to force fossil energy companies to cannibalize their existing businesses and direct time and attention away from increasing shareholder returns; (7) Corporations are boycotting fossil energy companies by refusing to provide them with products or services; and (8) Energy-producing states, when financially prudent, should avoid doing business with companies that are attacking the industries that substantially contribute to their state budgets. Effective: July 14, 2022 History: Created 2022 Ky. Acts ch. 120, sec. 1, effective July 14, 2022.

KRS 41.472 Definitions for KRS 41.470 to 41.476 -- Exemptions from statutory or common law obligations

41.472. Definitions for KRS 41.470 to 41.476 -- Exemptions from statutory or common law obligations (1) As used in KRS 41.470 to 41.476: (a) "Company" means a for-profit sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association, including a wholly owned subsidiary, majority-owned subsidiary, parent company, or affiliate of those entities or business associations, that exists to make a profit; (b) "Direct holdings" means, with respect to a financial company, all securities of that financial company held directly by a state governmental entity in an account or fund in which a state governmental entity owns all shares or interests; (c) "Energy company boycott" means, without an ordinary business purpose, refusing to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations with a company because the company: 1. Engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law; or 2. Does business with a company described in subparagraph 1. of this paragraph; (d) "Financial company" means a publicly traded financial services, banking, or investment company; (e) "Indirect holdings" means, with respect to a financial company, all securities of that financial company held in an account or fund, such as a mutual fund, managed by one (1) or more persons not employed by a state governmental entity, in which the state governmental entity owns shares or interests together with other investors not subject to the provisions of this chapter. The term does not include money invested under a plan described by Section 401(k) or 457 of the Internal Revenue Code; (f) "Listed financial company" means a financial company listed by the Treasurer; (g) "State governmental entity" means any state board, bureau, cabinet, commission, department, authority, officer, or other entity in the executive branch of state government that makes investments, deposits, or transactions in excess of one million dollars ($1,000,000) annually; and (h) "Treasurer" means the State Treasurer. (2) Notwithstanding any provision of law to the contrary, with respect to actions taken in compliance with KRS 41.470 to 41.476, including all good-faith determinations regarding financial companies as required by KRS 41.470 to 41.476, a state governmental entity and the Treasurer are exempt from any conflicting statutory or common law obligations, including any obligations with respect to making investments, divesting from any investment, preparing or maintaining any list of financial companies, or choosing asset managers, investment funds, or investments for the state governmental entity’s securities portfolios. (3) A state governmental entity shall not be subject to the requirements of KRS 41.470 to 41.476 if the state governmental entity determines that the requirements would be inconsistent with its fiduciary responsibility with respect to the investment of entity assets or other duties imposed by law relating to the investment of entity assets. Effective: July 14, 2022 History: Created 2022 Ky. Acts ch. 120, sec. 2, effective July 14, 2022.

KRS 41.474 Maintenance of list of all financial companies engaged in energy company boycotts -- Communication with financial company regarding divestment or sale of publicly traded securities -- Divestment delay -- Exemptions

41.474. Maintenance of list of all financial companies engaged in energy company boycotts -- Communication with financial company regarding divestment or sale of publicly traded securities -- Divestment delay -- Exemptions (1) (a) The Treasurer shall prepare and maintain, and provide to each state governmental entity through publication on the Treasurer's official Web site, a list of all financial companies that, to the Treasurer's knowledge, have engaged in energy company boycotts. In maintaining the list, the Treasurer may: 1. Review and rely, as appropriate in the Treasurer’s judgment, on all available information regarding financial companies, including information provided by the Commonwealth, nonprofit organizations, research firms, international organizations, governmental entities, or other organizations in the business of providing information relevant for investments; and 2. Request written verification from a financial company that it does not engage in energy company boycotts and rely on, as appropriate in the Treasurer’s judgment and without conducting further investigation, research, or inquiry, a financial company’s written response to the request. (b) A financial company that fails to provide to the Treasurer a written verification under paragraph (a)2. of this subsection within sixty (60) days of receiving the request from the Treasurer is presumed to be engaging in energy company boycotts. (c) The Treasurer shall update the list required in paragraph (a) of this subsection annually or more often as the Treasurer considers necessary based on information from, among other sources, those listed in paragraph (a) of this subsection. (d) Within thirty (30) days of the date the list of financial companies that engage in energy company boycotts is first provided or updated, the Treasurer shall file the list with the Legislative Research Commission and the Attorney General and post the list on a publicly available Internet Web site. (2) Within thirty (30) days of a state governmental entity receiving the list provided under subsection (1)(a) of this section, the state governmental entity shall notify the Treasurer of the listed financial companies in which the state governmental entity owns direct or indirect holdings. Receipt of the list by the state governmental entity shall be presumed upon the publication of the list on the Treasurer's official Web site. (3) (a) For each listed financial company identified under subsection (2) of this section, the state governmental entity shall send a written notice: 1. Informing the financial company of its status as a listed financial company; 2. Warning the financial company that it may become subject to divestment by state governmental entities after the expiration of the period described by paragraph (b) of this subsection; and 3. Offering the financial company the opportunity to clarify its activities related to companies that are engaged in energy company boycotts. (b) Within ninety (90) days of the financial company receiving notice under paragraph (a) of this subsection, the financial company must cease engaging in energy company boycotts in order to avoid becoming subject to divestment by state governmental entities. (c) If, during the time provided by paragraph (b) of this subsection, the financial company ceases engaging in energy company boycotts, and the Treasurer is made aware of the cessation, the Treasurer shall remove the financial company from the list maintained under subsection (1)(a) of this subsection, and this section and KRS 41.472 and 41.476 shall no longer apply to the financial company unless it resumes engaging in energy company boycotts. (d) If, after the time provided by paragraph (b) of this subsection expires, the financial company continues to engage in energy company boycotts, the state governmental entity shall sell, redeem, divest, or withdraw all publicly traded securities of the financial company, except securities described in subsection (5) of this section, according to the schedule provided in subsection (4) of this section. (4) (a) A state governmental entity shall sell, redeem, divest, or withdraw all publicly traded securities of a listed financial company within one (1) year of the expiration of the time period provided in subsection (3)(b) of this section. (b) If a financial company that ceased engaging in energy company boycotts after receiving notice under subsection (3) of this section resumes its boycott, the state governmental entity shall send a written notice to the financial company informing it that the state governmental entity will sell, redeem, divest, or withdraw all publicly traded securities of the financial company according to the schedule in paragraph (a) of this subsection. (c) A state governmental entity may delay the schedule for divestment under paragraph (a) of this subsection only to the extent that the state governmental entity determines, in the state governmental entity’s good-faith judgment, and consistent with the entity’s fiduciary duty, that divestment from listed financial companies will likely result in a loss in value or a benchmark deviation described in subsection (6) of this section. (d) If a state governmental entity delays the schedule for divestment under paragraph (c) of this subsection, the state governmental entity shall submit a report within thirty (30) days of the decision to the Treasurer, the Legislative Research Commission, and the Attorney General stating the reasons and justification for the state governmental entity’s delay in divestment from listed financial companies. The report shall include documentation, including objective numerical estimates, supporting its determination that the divestment would result in a loss in value or a benchmark deviation described by subsection (6) of this section. (5) A state governmental entity shall not be required to divest from any indirect holdings in actively or passively managed investment funds or private equity funds. The state governmental entity shall submit the list of all financial companies that have engaged in energy company boycotts to each investment fund manager and request that if any of those companies are present within their funds, they remove those financial companies from the fund or create a similar actively or passively managed fund with indirect holdings devoid of listed financial companies. If a manager creates a similar fund with substantially the same management fees and same level of investment risk and anticipated return, the state governmental entity may replace all applicable investments with investments in the similar fund in a time frame consistent with prudent fiduciary standards but not later than the four hundred fifty (450) days after the date the fund is created. (6) (a) A state governmental entity may cease divesting from one (1) or more listed financial companies only if reasonable evidence shows that: 1. The state governmental entity has suffered or will suffer a material financial loss as a result of having to divest from listed financial companies under this section; or 2. An individual portfolio that uses a benchmark-aware strategy would be subject to an aggregate expected deviation from its benchmark as a result of having to divest from listed financial companies under this section. (b) A state governmental entity may cease divesting from a listed financial company as provided by this section only to the extent necessary to ensure that the state governmental entity does not suffer a loss in value or deviate from its benchmark as described by paragraph (a) of this subsection. (c) Before a state governmental entity may cease divesting from a listed financial company under this section, the state governmental entity shall provide a written report to the Treasurer, the Legislative Research Commission, and the Attorney General setting forth the reason and justification, supported by reasonable evidence, for deciding to cease divestment or to remain invested in a listed financial company. (d) This section shall not apply to reinvestment in a financial company that is no longer a listed financial company under subsection (1) of this section. Effective: July 14, 2022 History: Created 2022 Ky. Acts ch. 120, sec. 3, effective July 14, 2022.

KRS 41.476 Report of each state governmental entity – Authority of Attorney General and Treasurer

41.476. Report of each state governmental entity – Authority of Attorney General and Treasurer (1) No later than December 1, 2023, and each December 1 thereafter, each state governmental entity shall file a publicly available report with the Treasurer, the Legislative Research Commission, and the Attorney General that: (a) Identifies all securities sold, redeemed, divested, or withdrawn in compliance with KRS 41.474(4); and (b) Summarizes any changes made under KRS 41.474(5). (2) The Attorney General or the Treasurer may bring any civil action necessary to enforce KRS 41.470 to 41.476 and 41.480. Effective: July 14, 2022 History: Created 2022 Ky. Acts ch. 120, sec. 4, effective July 14, 2022.

KRS 41.480 Definitions for section -- Prohibition from entering into contract with a company engaging in energy company boycott

41.480. Definitions for section -- Prohibition from entering into contract with a company engaging in energy company boycott (1) As used in this section: (a) "Company" has the same meaning as in KRS 41.472, except that it shall not include a sole proprietorship; (b) "Energy company boycott" has the same meaning as in KRS 41.472; and (c) "Governmental entity" means any state board, bureau, cabinet, commission, department, authority, officer, or other entity in the executive branch of state government. (2) This section applies only to a contract that: (a) Is between a governmental entity and a company with ten (10) or more full- time employees; and (b) Has a value of one hundred thousand dollars ($100,000) or more that is to be paid wholly or partly from public funds of the governmental entity. (3) Except as provided in subsection (4) of this section, a governmental entity shall not enter into a contract with a company for goods or services unless the contract contains a written verification from the company that it: (a) Does not engage in energy companies boycotts; and (b) Will not engage in energy company boycotts during the term of the contract. (4) The requirements of subsection (3) of this section shall not apply to a governmental entity that determines that those requirements are inconsistent with the governmental entity's constitutional, statutory, or fiduciary duties related to the issuance, incurrence, or management of debt obligations or the deposit, custody, management, borrowing, or investment of funds. Effective: July 14, 2022 History: Created 2022 Ky. Acts ch. 120, sec. 5, effective July 14, 2022.

KRS 41.600 Repealed, 2019

41.600. Repealed, 2019 Catchline at repeal: Definitions for KRS 41.600 to 41.625 -- Eligibility requirements. History: Repealed 2019 Ky. Acts ch. 125, sec. 5, effective June 27, 2019. -- Amended 2004 Ky. Acts ch. 41, sec. 1, effective July 13, 2004. -- Amended 1998 Ky. Acts ch. 172, sec. 1, effective July 15, 1998. -- Amended 1996 Ky. Acts ch. 208, sec. 4, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 276, sec. 1, effective July 15, 1994.

KRS 41.605 Repealed, 1996

41.605. Repealed, 1996 Catchline at repeal: Authorized investment -- Limitations -- Annual report -- Authority for administrative regulations. History: Repealed 1996 Ky. Acts ch. 208, sec. 9, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 276, sec. 2, effective July 15, 1994.

KRS 41.606 Repealed, 2019

41.606. Repealed, 2019 Catchline at repeal: Linked deposit investment program -- Purpose -- Reports -- Authority for administrative regulations. History: Repealed 2019 Ky. Acts ch. 125, sec. 5, effective June 27, 2019. -- Amended 2004 Ky. Acts ch. 41, sec. 2, effective July 13, 2004. -- Created 1996 Ky. Acts ch. 208, sec. 5, effective July 15, 1996.

KRS 41.610 Repealed, 2019

41.610. Repealed, 2019 Catchline at repeal: Participation in program -- Investment agreements -- Required terms and conditions. History: Repealed 2019 Ky. Acts ch. 125, sec. 5, effective June 27, 2019. -- Amended 2004 Ky. Acts ch. 41, sec. 3, effective July 13, 2004. -- Amended 1998 Ky. Acts ch. 172, sec. 2, effective July 15, 1998. -- Amended 1996 Ky. Acts ch. 208, sec. 6, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 276, sec. 3, effective July 15, 1994.

KRS 41.615 Repealed, 2019

41.615. Repealed, 2019 Catchline at repeal: Use of moneys obtained -- Refinancing of prior loans. History: Repealed 2019 Ky. Acts ch. 125, sec. 5, effective June 27, 2019. -- Amended 1998 Ky. Acts ch. 172, sec. 3, effective July 15, 1998. -- Amended 1996 Ky. Acts ch. 208, sec. 7, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 276, sec. 4, effective July 15, 1994.

KRS 41.620 Repealed, 2019

41.620. Repealed, 2019 Catchline at repeal: Application for linked deposit loan -- Effect of false statement. History: Repealed 2019 Ky. Acts ch. 125, sec. 5, effective June 27, 2019. -- Amended 1996 Ky. Acts ch. 208, sec. 8, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 276, sec. 5, effective July 15, 1994.

KRS 41.625 Repealed, 1996

41.625. Repealed, 1996 Catchline at repeal: Monitoring -- Administrative support -- Authority for administrative regulations. History: Repealed 1996 Ky. Acts ch. 208, sec. 9, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 276, sec. 6, effective July 1, 1994.

KRS 41.990 Penalties

41.990. Penalties (1) If the president or cashier of any state depository willfully violates any of the provisions of KRS 41.230, 41.240, 41.270 or 41.320, he shall be fined not less than one thousand dollars ($1,000). (2) Any officer, agent or employee of any budget unit who willfully fails or refuses to comply with, or expends any money in violation of, any of the provisions of KRS 41.070, 41.110 to 41.160, 41.210, 41.220, 41.260, 41.270, 41.290 or 41.300 shall be subject to indictment in the Franklin Circuit Court, and upon conviction shall be fined not less than fifty (50) nor more than five hundred dollars ($500) for each offense. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 23, effective June 29, 2021. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 1992b-63, 4694.
Source: Kentucky Legislative Research Commission (legislature.ky.gov)URL: https://apps.legislature.ky.gov/law/statutes/chapter.aspx?id=37222Fetched: 10/20/2026

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