Section 164.790 - Veterinary Contract Spaces Program - Administration - Administrative regulations - Purchase of annual enrollment spaces - Tuition credits - Veterinary Contract Spaces Program trust fund(1) For purposes of this section: (a) "Authority" means the Kentucky Higher Education Assistance Authority;(b) "Full enrollment space amount" means the difference between the out-of-state and in-state tuition amount at a public participating veterinary school or an equivalent amount determined by the authority for a nonpublic participating veterinary school;(c) "Kentucky student" means a Kentucky resident as determined by the authority using the criteria established by the Council on Postsecondary Education for the purposes of postsecondary admission and tuition assessment;(d) "Participating veterinary school" means a college of veterinary medicine approved by the authority for participation in the program; and(e) "Program" means the Veterinary Contract Spaces Program.(2) The General Assembly establishes the Veterinary Contract Spaces Program to provide financial assistance and access to Kentucky students seeking a veterinary education and to help ensure the availability of a sufficient veterinary workforce in the Commonwealth.(3) The authority shall administer the program and shall promulgate administrative regulations in accordance with KRS Chapter 13A as may be needed for the administration of the program.(4) Subject to the availability of funds, the authority shall contract to purchase at least one hundred sixty-four (164) enrollment spaces annually for Kentucky students at one (1) or more participating veterinary schools. To the extent possible, the contract shall be for the full enrollment space amount.(5) Kentucky students enrolled in a participating veterinary school and selected by the school for participation in the program shall receive a tuition credit from the school in the amount required to purchase his or her enrollment space each semester, not to exceed eight (8) semesters.(6) To the extent possible, the authority shall secure enrollment spaces so that Kentucky students participating in the program may continue applying tuition credits at the same participating veterinary school for up to eight (8) semesters.(7)(a) The Veterinary Contract Spaces Program trust fund is hereby created as a trust fund in the State Treasury to be administered by the authority for the purpose of purchasing enrollment spaces for Kentucky students in participating veterinary schools as described in this section.(b) The trust fund shall consist of state general fund appropriations, gifts and grants from public and private sources, and federal funds. All moneys included in the fund shall be appropriated for the purposes set forth in this section.(c) Any unalloted or unencumbered balances in the trust fund shall be invested as provided in KRS 42.500(9). Income earned from the investments shall be credited to the trust fund.(d) Notwithstanding KRS 45.229, any fund balance at the close of the fiscal year shall not lapse but shall be carried forward to the next fiscal year and continuously appropriated only for the purposes specified in this section.Effective: July 15, 2020
Created 2020 Ky. Acts ch. 10, sec. 1, effective 7/15/2020.