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164.7923 Physical facilities trust fund.

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164.7923 Physical facilities trust fund. (1) The physical facilities trust fund created by KRS 164.7911 is intended to provide sufficient financial assistance for unexpected contingencies for the construction, <br>improvement, renovation, or expansion of the physical facilities of the <br>postsecondary education system. (2) The Council on Postsecondary Education shall develop the criteria and process for submission of an application under this section. The physical facilities trust fund <br>shall not replace the existing capital construction provisions and appropriation <br>provisions of state law. Each university or the Kentucky Community and Technical <br>College System may apply to the council for financial assistance from the physical <br>facilities trust fund. Financial assistance that may be awarded by the council shall be <br>consistent with the adopted strategic agenda, the biennial budget process, and the <br>availability of any resources to the physical facilities trust fund. Effective: May 30, 1997 <br>History: Created 1997 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 13, effective May 30, 1997.