42.450 Local Government Economic Assistance Fund -- Sources.
(1) There is hereby established in the State Treasury a fund entitled "Local Government
Economic Assistance Fund." The fund may receive state appropriations, gifts, <br>grants, and federal funds and shall be disbursed by the State Treasurer upon the <br>warrant of the secretary of the Finance and Administration Cabinet. Any unallotted <br>or unencumbered balances in the fund shall be invested pursuant to KRS 42.500 <br>and the income earned from the investment shall be prorated for expenditure in coal <br>producing and coal impact counties according to each county's allocable part in the <br>fund.
(2) Effective July 1, 1981, an amount equal to one-half (1/2) of the tax collected
annually on the sale of minerals, exclusive of coal, shall be transferred from the <br>general fund into this fund. The transfers shall be made quarterly, based upon the <br>revenue estimates prevailing at the time each quarterly transfer is due, except that <br>the last quarterly transfer shall be made after the close of the fiscal year accounting <br>records, and shall be adjusted to provide the balance of the annual transfer required <br>by this subsection.
(3) Effective October 1, 2010, the quarterly transfer of funds required by subsection (2)
of this section shall be made only after the quarterly installment of the annual <br>amount from the prior calendar year allowed as an incentive to an approved <br>company under KRS 143A.025 and 154.27-060 has been made.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 115, sec. 1, effective July 15, 2010; and ch. 139,
sec. 6, effective July 15, 2010. -- Amended 1992 Ky. Acts ch. 107, sec. 1, effective <br>July 1, 1992. -- Amended 1986 Ky. Acts ch. 464, sec. 8, effective July 15, 1986. -- <br>Created 1980 Ky. Acts ch. 394, sec. 1, effective July 1, 1980.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 115 and 139, which do not appear t be in conflict and have been <br>codified together.
42.450 Local Government Economic Assistance Fund -- Sources.
(1) There is hereby established in the State Treasury a fund entitled "Local Government
Economic Assistance Fund." The fund may receive state appropriations, gifts, <br>grants, and federal funds and shall be disbursed by the State Treasurer upon the <br>warrant of the secretary of the Finance and Administration Cabinet. Any unallotted <br>or unencumbered balances in the fund shall be invested pursuant to KRS 42.500 <br>and the income earned from the investment shall be prorated for expenditure in coal <br>producing and coal impact counties according to each county's allocable part in the <br>fund.
(2) Effective July 1, 1981, an amount equal to one-half (1/2) of the tax collected
annually on the sale of minerals, exclusive of coal, shall be transferred from the <br>general fund into this fund. The transfers shall be made quarterly, based upon the <br>revenue estimates prevailing at the time each quarterly transfer is due, except that <br>the last quarterly transfer shall be made after the close of the fiscal year accounting <br>records, and shall be adjusted to provide the balance of the annual transfer required <br>by this subsection.
(3) Effective October 1, 2010, the quarterly transfer of funds required by subsection (2)
of this section shall be made only after the quarterly installment of the annual <br>amount from the prior calendar year allowed as an incentive to an approved <br>company under KRS 143A.025 and 154.27-060 has been made.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 115, sec. 1, effective July 15, 2010; and ch. 139,
sec. 6, effective July 15, 2010. -- Amended 1992 Ky. Acts ch. 107, sec. 1, effective <br>July 1, 1992. -- Amended 1986 Ky. Acts ch. 464, sec. 8, effective July 15, 1986. -- <br>Created 1980 Ky. Acts ch. 394, sec. 1, effective July 1, 1980.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 115 and 139, which do not appear t be in conflict and have been <br>codified together.
42.450 Local Government Economic Assistance Fund -- Sources.
(1) There is hereby established in the State Treasury a fund entitled "Local Government
Economic Assistance Fund." The fund may receive state appropriations, gifts, <br>grants, and federal funds and shall be disbursed by the State Treasurer upon the <br>warrant of the secretary of the Finance and Administration Cabinet. Any unallotted <br>or unencumbered balances in the fund shall be invested pursuant to KRS 42.500 <br>and the income earned from the investment shall be prorated for expenditure in coal <br>producing and coal impact counties according to each county's allocable part in the <br>fund.
(2) Effective July 1, 1981, an amount equal to one-half (1/2) of the tax collected
annually on the sale of minerals, exclusive of coal, shall be transferred from the <br>general fund into this fund. The transfers shall be made quarterly, based upon the <br>revenue estimates prevailing at the time each quarterly transfer is due, except that <br>the last quarterly transfer shall be made after the close of the fiscal year accounting <br>records, and shall be adjusted to provide the balance of the annual transfer required <br>by this subsection.
(3) Effective October 1, 2010, the quarterly transfer of funds required by subsection (2)
of this section shall be made only after the quarterly installment of the annual <br>amount from the prior calendar year allowed as an incentive to an approved <br>company under KRS 143A.025 and 154.27-060 has been made.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 115, sec. 1, effective July 15, 2010; and ch. 139,
sec. 6, effective July 15, 2010. -- Amended 1992 Ky. Acts ch. 107, sec. 1, effective <br>July 1, 1992. -- Amended 1986 Ky. Acts ch. 464, sec. 8, effective July 15, 1986. -- <br>Created 1980 Ky. Acts ch. 394, sec. 1, effective July 1, 1980.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 115 and 139, which do not appear t be in conflict and have been <br>codified together.
