KRS § 224A.112 — KY Code / Title XVIII / Chapter 224A / Section 224A.112
224A.112 Creation of infrastructure revolving fund and broadband deployment fund -- Purpose -- Use of moneys
Status: in_force

224A.112 Creation of infrastructure revolving fund and broadband

deployment fund -- Purpose -- Use of moneys.

(1) The infrastructure revolving fund shall be established in the State Treasury and

shall be administered by the authority. The fund shall be a dedicated fund, and

all moneys in the fund shall be allocated and dedicated solely to providing

financial assistance to governmental agencies, and investor-owned water

systems as provided for in KRS 96.540, 224A.306, 224A.308, and 224A.310,

for the construction or acquisition of infrastructure projects through an account

designated as the 2020 water service account.

(2) The broadband deployment fund shall be established in the State Treasury and

shall be administered by the office. The fund shall be a dedicated fund, and all

moneys in the fund shall be allocated and dedicated solely to providing grant

funds to governmental agencies and private sector entities to construct

infrastructure for the deployment of broadband service to households and

businesses in underserved or unserved areas of the Commonwealth through

an account designated as the broadband deployment fund.

(3) Funds in subsections (1) and (2) of this section shall not be commingled and

shall be used only for the stated purposes in subsections (1) and (2) of this

section.

(4) The financial assistance which may be provided by the revolving fund shall be

limited to:

(a) Making loans, on the condition that the loans are made at or below

market interest rates, including interest free loans, at terms not to exceed

thirty (30) years and that the fund will be credited with all payments of

principal and interest on all loans;

(b) Purchasing or guaranteeing, or purchasing insurance for, local or state

obligations when the action would improve credit market access or reduce

interest rates;

(c) Providing a source of revenue or security for the payment of principal and

interest on bonds or notes issued by the authority or other agencies of the

state if the proceeds of the sale of the bonds will be deposited in the fund;

(d) Providing moneys with which to carry out the requirements of assistance

agreements; and

(e) Making grants as funds specifically appropriated for grants or proceeds

from the sale of the authority's revenue bonds are available.

(5) The revolving fund shall be established, maintained, and credited with

repayments and the fund balance shall be available in perpetuity for its stated

purposes.

(6) The authority may provide financial assistance from the revolving fund to

supplement assistance provided from the federally assisted wastewater

revolving fund as created in KRS 224A.111.

(7) The authority shall advise governmental agencies of the availability of the

infrastructure revolving fund and how moneys may be obtained from the fund.

(8) The authority may enter into any necessary or required agreement with federal

or state agencies or persons to carry out the provisions of this section. All state

agencies shall cooperate with the authority and share information with the

authority as appropriate to accomplish the purposes set out in KRS 224A.300.

(9) Moneys in the broadband deployment fund are hereby appropriated for the

purposes set forth in this section and KRS 224A.1121.

(10) Notwithstanding KRS 45.229, any moneys remaining in the broadband

deployment fund at the close of the fiscal year shall not lapse but shall be

carried forward into the succeeding fiscal year to be used for the purposes set

forth in this section and KRS 224A.1121.

(11) Interest earned on moneys in the broadband deployment fund shall stay in the

fund.