Kentucky State University -- Recognition and status -- State of financial exigency -- Operational restrictions and duties

exigency -- Operational restrictions and duties. (1) Kentucky State University, recognized as an 1890 land-grant university that is Kentucky's only public Historically Black College or University (HBCU), shall be a four (4) year residential polytechnic institution that focuses on highly technical, industry-based applied learning and offers liberal studies and polytechnic programs that are aligned with the workforce needs of the Commonwealth and consistent with the historical mission of an HBCU. (2) The General Assembly declares that a state of financial exigency exists at Kentucky State University for five (5) years from April 13, 2026, or until such a date that the General Assembly affirmatively declares, based upon the recommendation of the Council on Postsecondary Education, that the university's finances are stable, whichever occurs first. (3) (a) Kentucky State University shall not enter into any obligation or make any expenditure costing twenty thousand dollars ($20,000) or more without prior approval of the Council on Postsecondary Education, including but not limited to any purchase, contract, or increase due to a personnel action. (b) Kentucky State University shall: 1. Provide a monthly report of university finances to the Council on Postsecondary Education in the format requested by the council. The council shall provide a quarterly update on the financial status of the university to the Governor and the Legislative Research Commission; 2. Fully cooperate with the council in its exercise of the financial oversight granted to the council under this subsection; 3. Timely provide all information and documentation deemed by the council to be relevant to the financial oversight; and 4. Timely consult with the council on all major financial matters during the state of financial exigency declared in subsection (2) of this section. (c) The financial oversight granted to the council under this subsection shall continue for the entire duration of the financial exigency declared in subsection (2) of this section. (4) Notwithstanding KRS 164A.560, beginning no later than July 1, 2027, all financial transactions of Kentucky State University shall be reported and reconciled no less than monthly in the Enhanced Management Administrative Reporting System (EMARS). (5) Kentucky State University shall not incur a budget deficit for the remaining duration of the financial exigency declared in subsection (2) of this section.