(1) The local history trust fund is created as a separate trust fund. The fund shall consist of moneys collected from the income t ax checkoff created under KRS 141.441 and any other proceeds from grants, contributions, appropriations, or other moneys made available for the purposes of the trust fund. (2) Trust fund amounts not expended at the close of a fiscal year shall not lapse bu t shall be carried forward to the next fiscal year. (3) Any interest earnings of the trust fund shall become a part of the trust fund and shall not lapse. (4) Trust fund moneys shall be used to support local history through grants made to local history organizations in Kentucky. Funds shall be administered and distributed by the Kentucky Historical Society for the purposes directed in this section. (5) Moneys transferred to the trust fund pursuant to KRS 141.441 are hereby appropriated for the purposes set forth in this section. (6) The Kentucky Historical Society shall develop standards for qualifying applicants, and for applying and approving grants from the trust fund, and may promulgate administrative regulations as needed to implement this section.
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