2017 Kentucky Revised Statutes CHAPTER 65 - GENERAL PROVISIONS APPLICABLE TO COUNTIES, CITIES, AND OTHER LOCAL UNITS .4931 Extension of pilot program period for not more than 25 years -- Conditions -- Reports.
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65.4931 Extension of pilot program period for not more than 25 years -Conditions -- Reports.
(1)
(2)
(3)
As used in this section:
(a) "Borrower" means the entity receiving the proceeds from a new bond
issued because of an extended tax increment financing agreement
allowed under KRS 65.490(10);
(b) "Excess revenues" means all moneys which exceed the costs associated
with the borrower's operating expenses, capital expenditures, and the
regularly scheduled debt service on the bond; and
(c) "Term of the bond" shall begin on the date any current bonds are
refinanced, reissued, or restructured and shall end upon the earlier of the
stated maturity date of the bond or the payment in full of the bond.
A pilot program may be extended for a period not to exceed an additional
twenty-five (25) years in connection with the issuance of a new bond by the
Kentucky Economic Development Finance Authority if the pilot program
agreement contains provisions requiring that:
(a) The borrower use all excess revenues to redeem the bond prior to the
stated maturity date;
(b) 1.
Once the bond is callable, the borrower apply all excess revenues to
the redemption of the bond prior to the stated maturity date at least
every thirty-six (36) months; and
2.
If it is the position of the borrower that the application of all excess
revenues to the redemption of the bond prior to the stated maturity
date jeopardizes the project, the borrower shall present an
alternative payment plan for that thirty-six (36) month period to the
Capital Projects and Bond Oversight Committee for approval; and
(c) No further revenues under the pilot program be remitted to the borrower
following the end of the term of the bond.
The borrower shall submit a report to the Governor and the Capital Projects
and Bond Oversight Committee on or before November 1, 2018, and annually
thereafter regarding the operations and financial condition of the borrower.
Effective:April 11, 2017
History: Created 2017 Ky. Acts ch. 189, sec. 2, effective April 11, 2017.
Legislative Research Commission Note (4/11/2017). During codification, the
Reviser of Statutes has changed the internal numbering of paragraphs in
subsection (2) of this statute from the way it appeared in 2017 Ky. Acts ch. 189,
sec. 2 under the authority of KRS 7.136(1)(a).
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