Kentucky Talent Recruitment Grant Program fund

(1) There is hereby established in the State Treasury a trust and agency account to be known as the Kentucky Talent Recruitment Grant Program fund. (2) The fund shall consist of moneys appropriated by the General Assembly, gifts, grants, federal funds, or other funds made available to the cabinet. (3) The fund shall be administered by the cabinet. (4) Amounts deposited in the fund shall be used for awarding eligible grant applicants funding for eligible projects. The fund shall be distributed as follows: (a) Fifty percent (50%) shall be used for relocation efforts pursuant to KRS 154.12-342(4)(a); (b) Twenty-five percent (25%) shall be used for retention of Kentucky students pursuant to KRS 154.12-342(4)(b); and (c) Twenty-five percent (25%) shall be used for targeted marketing campaigns pursuant to KRS 154.12-342(4)(c). (5) The cabinet may use up to five percent (5%) of the fund annually for costs and services for the administration of the program. (6) Notwithstanding KRS 45.229, moneys remaining in the fund at the close of a fiscal year shall not lapse but shall be carried forward into the next fiscal year.