2013 Kentucky Revised Statutes CHAPTER 42 - FINANCE AND ADMINISTRATION CABINET 42.4582 Local government economic development fund -- Schedule of transfers from general fund.
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42.4582 Local government economic development fund -- Schedule of
transfers from general fund.
(1)
(2)
There is hereby established in the State Treasury a fund entitled "Local
Government Economic Development Fund." The fund may receive state
appropriations, gifts, grants, and federal funds and shall be disbursed by the
State Treasurer upon the warrant of the secretary of the Finance and
Administration Cabinet. Any unallotted or unencumbered balances in the fund
shall be invested as provided for in KRS 42.500(9). Income earned from the
investments shall be prorated for grants to counties according to the allotment
schedule set out in KRS 42.4592.
(a) Moneys shall be transferred from the general fund in an amount equal to
fifty percent (50%) of the severance and processing taxes on coal
collected annually, unless otherwise amended by the budget bill.
(b) The transfers shall be made quarterly, based upon the revenue estimates
prevailing at the time each quarterly transfer is due, except that the last
quarterly transfer shall be made after the close of the fiscal year
accounting records, and shall be adjusted to provide the balance of the
annual transfer required by this subsection.
(c) The quarterly calculation and transfer of funds pursuant to this section
shall be made only after distribution of the quarterly installment of the
annual amount from the prior calendar year allowed as an incentive to an
approved company under KRS 143.024 and 154.27-060.
Effective:April 11, 2012
History: Amended 2012 Ky. Acts ch. 110, sec. 13, effective April 11, 2012. -Amended 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 15, effective August 30,
2007. -- Amended 1996 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 76, effective
December 12, 1996. -- Amended 1996 Ky. Acts ch. 101, sec. 3, effective July
15, 1996. -- Created 1992 Ky. Acts ch. 107, sec. 4, effective July 1, 1992.
Legislative Research Commission Note (7/15/96). The reference to KRS 45.4592
at the end of subsection (1) of this statute has been corrected to read KRS
42.4592, remedying an inadvertent misnumbering in codification. See 1992 Ky.
Acts ch. 107, secs. 4 and 7.
2012-2014 Budget Reference. See State/Executive Branch Budget, 2012 Ky. Acts
ch. 144, Pt. I, A, 13, (4) at 1093.
2012-2014 Budget Reference. See State/Executive Branch Budget, 2012 Ky. Acts
ch. 144, Pt. V, A, 1 at 1243.
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