Request By:
Mr. Charles D. Wickliffe, Esq.
Attorney
Department of Finance
Capitol Annex Building
Frankfort, KY 40601
Opinion
Opinion By: Robert F. Stephens, Attorney General; By: Thomas C. Jacobs, Deputy Attorney General
This correspondence is in response to your letter of October 20, 1978.
The State Investment Commission created by KRS 41.380 is authorized by Subsection (2) of that Section to invest cash in the state treasury in excess of the amount required to meet current expenditures in certain specified kinds of obligations of the United States.
KRS 41.380(3) and (4) provided in apposite part that . . .
"(3) Interest earned from investments made pursuant to this section shall accrue to the credit of the general expenditure fund, except that interest from investments of excess cash in the road fund shall be credited to the road fund . . .
"(4) The authority granted by this section to the state investment commission shall not extend to any funds that are specifically provided by law to be invested by some other office or agency of the state government."
It was correctly pointed out in OAG 78-542 that there exists a qualified exception to KRS 41.380(3), supra, at least for the duration of the current biennium, as relates to funds transferred to the Department of Finance for capital construction. H.B. 229, Chapter 167, Part IV, Acts of 1978.
A question has now arisen as to the disposition of the interest earned from the investment of monies deposited in the state treasury to the credit of the game and fish fund. Traditionally, monies in the game and fish fund, in common with all other monies in the State Treasury not required for current expenditure, have been invested in accordance with the authorization contained in KRS 41.380(2) and the interest on all such invested funds credited as provided in KRS 41.380(3). Since no other specific provision of law has heretofor been cited authorizing or requiring a different disposition of the pro rata share of the interest income earned from the investment of the funds attributable to the cash balances in the game and fish fund, such interest income has been credited to the general fund.
The Department of Fish and Wildlife Resources has concluded that interest earnings on the investment of the cash in the state treasury deposited to the credit of the game and fish fund should be credited to that fund and point to KRS 150.150(1) as authority. That statute states:
"(1) Except as provided in this chapter, all moneys derived from the sale of licenses or from any other source connected with the administration of this chapter shall be promptly paid over to the state treasurer, who shall deposit such moneys in a special fund, known as the game and fish fund. The game and fish fund shall be used to carry out the purposes of this chapter and any law or regulation for the protection of wild animals, birds or fish, and for no other purpose."
The rationale for this contention is that to credit to the general fund the interest earned from investment of that part of the cash in the state treasury representing the balance in the game and fish fund would constitute using the game and fish fund for a purpose not authorized by KRS Chapter 150.
In an effort to test the validity of this rationale, we have found the following to be persuasive:
"It may be presumed to have been the intention of the legislature that all its enactments which are not repealed should be given effect. Accordingly, all statutes should be so construed, if possible, by a fair and reasonable interpretation, as to give full force and effect to each and all of them. In conformity with this principle, it is not to be assumed that one or the other of related statutes is meaningless; rather, such statutes will be so construed as to give each a field of operation." 73 Am.Jur.2d Statutes, § 253.
"It is an old and familiar principle, closely related to the rule that where an act contains special provisions they must be read as exceptions to a general provision in a separate earlir or subsequent act . . ." 73 Am.Jur.2d Statutes, § 257.
Examining KRS 41.380(3) and (4) and KRS 150.150 in light of the above enunciated principles, it is clear that the latter prevails over the former as being a specific statement of the General Assembly. It is, therefore, the opinion of this office that interest on funds deposited on behalf of the Department of Fish and Wildlife Resources should be credited on a pro-rata basis to the Game and Fish Fund to be used to carry out the purposes of KRS Chapter 150 as directed by KRS 150.150.
I trust that this answers the question presented in your recent letter to this office.