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State Codes and Statutes

Statutes > Kentucky > 041-00 > 606

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</p> <p>Page 1 of 1<br /> 41.606 Linked deposit investment program &#8212; Purpose &#8212; Reports &#8212; Authority for<br /> administrative regulations.<br /> (1) The State Investment Commission may invest in linked deposits as provided for in<br /> KRS 42.510. Investment moneys shall be derived from the state&#8217;s unclaimed and <br />abandoned property program set forth in KRS Chapter 393.<br /> (2) Investment moneys shall be in low interest loans for agricultural production or for<br /> small business expansion or development.<br /> (3) There is hereby created a &quot;linked deposit investment program&quot; in the Kentucky<br /> Agricultural Finance Corporation whose purpose is to monitor link deposit loans for <br />eligible agribusinesses through approved state financial institutions in accordance <br />with administrative regulations promulgated pursuant to subsection (7) of this <br />section.<br /> (4) There is hereby created a &quot;linked deposit investment program&quot; in the Cabinet for<br /> Economic Development whose purpose is to monitor link deposit loans for eligible <br />small businesses through approved state financial institutions in accordance with <br />administrative regulations promulgated pursuant to subsection (7) of this section.<br /> (5) The State Investment Commission may accept or reject a linked investment, or any<br /> portion thereof, with the eligible lending institution. If it is determined by the <br />Kentucky Agricultural Finance Corporation or the Cabinet for Economic <br />Development that the lending institution has violated standards of the linked deposit <br />investment program, the commission shall reject the linked investment.<br /> (6) The State Investment Commission, the Kentucky Agricultural Finance Corporation,<br /> and the Cabinet for Economic Development, shall annually, by October 1 for the <br />preceding state fiscal year, make a report on the Linked Deposit Investment <br />Program to the Governor and to the leadership of the General Assembly who shall, <br />in turn, transmit it to the appropriate legislative committees for consideration. The <br />report shall include information regarding the nature, terms, and amounts of the <br />loans upon which the linked investments were based, and the eligible small <br />businesses and agribusinesses who received the loans. In order to comply with these <br />provisions, participating institutions shall supply information as required by <br />administrative regulation.<br /> (7) The Kentucky Agricultural Finance Corporation and the Cabinet for Economic<br /> Development, in consultation with the State Investment Commission, shall <br />promulgate administrative regulations pursuant to KRS Chapter 13A setting forth <br />the conditions for which small businesses and agribusinesses are eligible for loans <br />made available through the Linked Deposit Investment Program.<br /> Effective: July 13, 2004 <br />History: Amended 2004 Ky. Acts ch. 41, sec. 2, effective July 13, 2004. &#8212; Created<br /> 1996 Ky. Acts ch. 208, sec. 5, effective July 15, 1996. </p> <p>