2013 Kentucky Revised Statutes CHAPTER 65 - GENERAL PROVISIONS APPLICABLE TO COUNTIES, CITIES, AND OTHER LOCAL UNITS 65.7061 Special fund to be pledged for retirement of increment bonds -- Requirements governing disbursal of funds.
Download as PDF
65.7061 Special fund to be pledged for retirement of increment bonds -Requirements governing disbursal of funds.
During any time when incremental revenues have been pledged pursuant to a local
participation agreement or local development area agreement, or that increment
bonds are outstanding, the city, county, or issuer, as the case may be, shall maintain
a special fund, which shall be pledged for the retirement of increment bonds, if such
bonds are outstanding, and the payment of costs related to a project in a
development area or local development area, or providing redevelopment assistance
in a development area.
(1) Officials charged with collecting revenues for any taxing district that has
pledged incremental revenues under a local participation agreement or a local
development area agreement shall, for each year a local participation
agreement or local development area agreement is in effect or any increment
bonds are outstanding with respect to a development area or local
development area, submit those incremental revenues for deposit in the
special fund. The amount of incremental revenues shall be determined under
KRS 65.7083.
(2) Funds deposited in a special fund shall be disbursed at the times and in the
amounts required to pay the costs of any debt charges on incremental bonds,
approved costs, and redevelopment assistance. However, there shall be no
disbursements for other redevelopment assistance or approved costs in a
development area or local development area, if the funds are required to pay
debt charges on increment bonds.
(3) Amounts in a special fund which exceed the amount required to pay debt
charges and, in a development area, and costs of redevelopment assistance in
any fiscal year shall be used to provide for the retirement or defeasance of all
or a portion of the remaining debt charges secured by the incremental
revenues. Amounts beyond this may be used to pay the costs of additional
projects or redevelopment assistance.
Effective:July 15, 2008
History: Amended 2008 Ky. Acts ch. 178, sec. 9, effective July 15, 2008. -Created 2007 Ky. Acts ch. 95, sec. 11, effective March 23, 2007.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.