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154.20.405 Powers of cabinet under KRS 154.20-400 to 154.20-420.

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Page 1 of 2 154.20-405 Powers of cabinet under KRS 154.20-400 to 154.20-420. (1) The cabinet shall have all the powers and authority, not explicitly prohibited by statute, necessary and convenient to carry out and effectuate the purposes of KRS <br>154.20-400 to 154.20-420, including but not limited to: <br>(a) Entering into contracts or agreements necessary or incidental to the performance of its duties, functions, and responsibilities; and (b) Soliciting, borrowing, accepting, receiving, and expending funds from any public or private source, including but not limited to appropriations of the <br>Commonwealth, grants, or contributions of money, property, labor, or other <br>things of value to be used to carry out the program's operations, functions, and <br>responsibilities. (2) The cabinet may expend money in the fund created in KRS 154.20-410 for reasonable administrative expenses directly incurred in carrying out the <br>requirements of KRS 154.20-400 to 154.20-420. It is the intent of the General <br>Assembly that the fund created in KRS 154.20-410 be used, to the fullest extent <br>possible, to directly fund project costs. It is also the intent of the General Assembly <br>that revenues available that are generated through investments of the fund be <br>redeposited in the fund and that those amounts shall be considered in establishing <br>appropriations. (3) The cabinet shall contract with a science and technology organization to administer the program created in KRS 154.20-400 to 154.20-420. The cabinet shall approve <br>the application criteria, the process for submission of an application, and the <br>structure and type of outside expertise or peer review used in the application review <br>process in the program created in KRS 154.20-400 to 154.20-420. (4) No member of the cabinet or the science and technology organization or other administering entity, or their employees or outside experts or their immediate family <br>members, shall directly or indirectly financially benefit in any award, contract, or <br>agreement under the program. (5) The cabinet and the science and technology organization shall submit a joint annual report prior to October 15 to the Governor and the General Assembly detailing its <br>work related to the program created in KRS 154.20-400 to 154.20-420. The annual <br>report shall include but not be limited to reporting on the progress made in <br>achieving the program's purposes, qualitative and quantitative information <br>concerning the applications received, projects approved and undertaken, companies <br>served, funding amounts invested in each project, and findings and <br>recommendations to increase the program's effectiveness in achieving its purposes. (6) All records related to the administration of the program created in KRS 154.20-400 to 154.20-420 shall be deemed property of the cabinet and shall be open records and <br>subject to public inspection under KRS 61.870 to 61.884. Any research or <br>information that involves or is a patent, trade secret, or other legally protectable <br>interest shall be exempt from inspection until the intellectual property rights have <br>been fully protected. Effective: August 30, 2007 Page 2 of 2 History: Created 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 46, effective August 30, 2007.