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154.35.044 Allocation of fund moneys by council -- Limitations.

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Page 1 of 1 154.35-044 Allocation of fund moneys by council -- Limitations. The council shall allocate moneys from the fund for the operation of the infrastructure <br>and the centers subject to the following limitations: <br>(1) The council may retain not more than eight percent (8%) of the deposits into the fund in any budget year for the central administration of the infrastructure; (2) After payment of expenses for central administration, not more than twenty-five percent (25%) of the remainder of the fund in any budget year shall be allocated to <br>basic research centers and the balance shall be allocated to applied research centers; (3) Not more than twenty percent (20%) of the total moneys allocated to applied research centers in any budget year shall be allocated to any one (1) applied research <br>center; and (4) All moneys allocated to the contracting universities for the operation of the centers shall be paid out in accordance with contracts entered into between the council and <br>the universities; (5) Notwithstanding the provisions of subsections (1) to (3) of this section: (a) The council may defer the establishment of all centers for up to four (4) years after July 15, 1994 to allow the fund to grow to sufficient size to support <br>operation of the centers; and (b) The allocation percentage set forth in subsection (3) of this section may be modified by the council with approval of the cabinet for a period of up to four <br>(4) years after the first center is established. Effective: July 15, 1994 <br>History: Created 1994 Ky. Acts ch. 508, sec. 52, effective July 15, 1994.