Kentucky State University, recognized as an 1890 land-grant university that is Kentucky's only public Historically Black College or University (HBCU), shall be a four (4) year residential polytechnic institution that focuses on highly technical, industry-based applied learning and offers liberal studies and polytechnic programs that are aligned with the workforce needs of the Commonwealth and consistent with the historical mission of an HBCU.

The General Assembly declares that a state of financial exigency exists at Kentucky State University for five (5) years from the effective date of this Act or until such a date that the General Assembly affirmatively declares, based upon the recommendation of the Council on Postsecondary Education, that the university's finances are stable, whichever occurs first.

(a) Kentucky State University shall not enter into any obligation or make any expenditure costing twenty thousand dollars ($20,000) or more without prior approval of the Council on Postsecondary Education, including but not limited to any purchase, contract, or increase due to a personnel action.

Kentucky State University shall:

Provide a monthly report of university finances to the Council on Postsecondary Education in the format requested by the council. The council shall provide a quarterly update on the financial status of the university to the Governor and the Legislative Research Commission;

Fully cooperate with the council in its exercise of the financial oversight granted to the council under this subsection;

Timely provide all information and documentation deemed by the