State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 041-00 > 300

Download pdf

Loading PDF…

</p> <p>41.300 Special deposit trust fund.<br /> There shall be a special deposit fund consisting of all money received by the state or any <br />department or officer thereof as guarantees for the payment of any costs, charges or <br />damages accruing or liable to accrue to the state or for the performance of any specific <br />act, including all money deposited as bail to secure the liberation of persons accused of <br />public offenses, all money deposited by bidders on contracts to insure their entering into <br />contracts awarded them, and all money deposited to indemnify persons whose property <br />may be damaged or destroyed by the operations of the depositor. All such money shall be <br />paid to the Treasurer, in the manner provided for the deposit of public money, and shall <br />be deposited by the Treasurer as a trust fund in a separate account in a designated <br />depository bank. The money so deposited may be returned to the depositor, if he becomes <br />entitled to its return, without specific appropriation, allotment or authorization for <br />expenditure therefor, in the same manner as other claims against the state may be paid, or <br />may, upon default of any depositor and upon certificate to such effect by the <br />administrative officer having charge of the matter, be declared by the Finance and <br />Administration Cabinet to be forfeited in whole or in part and thereupon be transferred to <br />the extent so forfeited to the general fund. The interest on bank deposits of this fund shall <br />accrue to the general fund.<br /> History: Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). &#8212; Recodified 1942 Ky. Acts<br /> ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 1992b-50. </p> <p>