<br><br> <br>Page 1 of 1 <br>41.606 Linked deposit investment program -- Purpose -- Reports -- 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'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 "linked deposit investment program" 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 "linked deposit investment program" 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. -- Created <br>1996 Ky. Acts ch. 208, sec. 5, effective July 15, 1996. <br><br>