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Section 3 of this Act.
The trust fund shall consist of amounts repaid by Kentucky State University and any amounts not disbursed to the university as described in Section 3 of this Act.
The balance in the trust fund shall be invested as provided in KRS 42.500(9). Income earned from the investments shall be credited to the trust fund.
Notwithstanding KRS 45.229, any fund balance at the close of the fiscal year shall not lapse but shall be carried forward to the next fiscal year. All receipts in the fund shall remain in the fund until appropriated by the General Assembly.
→ Section 5. There is hereby appropriated to the Council on Postsecondary Education General Fund moneys in the amount of $5,000,000 in fiscal year 2022-2023 and $10,000,000 in fiscal year 2023-2024 for the purposes of distributing funds to Kentucky State University, as determined by the council, as goals and benchmarks are met by the university in accordance with the management improvement plan established in Section 2 of this Act. Nothing in this section shall be considered as a performance fund distribution under KRS 164.092, and the university shall be included in the comprehensive funding model as described in KRS 164.092.
Section 6. There is hereby appropriated to the Council on Postsecondary Education General Fund moneys in the amount of $1,500,000 in fiscal year 2022-2023 for the costs incurred by the council in carrying out its duties described in Sections 1 to 3 of this Act.
Section 7. Whereas the financial health and success of Kentucky State University, a comprehensive, historically Black land-grant university, is vital to the well-being of Kentucky's postsecondary education system and the students it serves, an emergency is declared to exist, and this Act takes effect upon its passage and approval by the Governor or upon its otherwise becoming a law.
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