157.067 Kentucky successful schools trust fund

157.067 Kentucky successful schools trust fund.

(1) To carry out the purpose of rewarding successful schools as provided in KRS

Chapter 158, the Kentucky successful schools trust fund is hereby established in the

Finance and Administration Cabinet. Funds appropriated by the General Assembly

in each biennial budget for payments of rewards to successful schools shall be

credited to the fund and invested until needed for payments to successful schools.

All interest earned on moneys in the funds shall be retained in the fund for

reinvestment.

(2) Upon certification of eligibility by the Kentucky Board of Education, the Finance

and Administration Cabinet shall issue a warrant and the State Treasurer shall issue

a check to the eligible school. All moneys credited to the fund, including interest,

shall be used only for payments to eligible schools and shall not lapse, but shall be

carried forward in the next biennial budget.