12-1775a. Tax increment financing revenue replacement fund created; transfers, calculation of amount.
12-1775a
12-1775a. Tax increment financing revenue replacement fund created;
transfers, calculation of amount.
(a) Prior to December 31, 1996, the governing body of each
city which, pursuant to K.S.A. 12-1771, and amendments thereto, has established
a redevelopment district prior to July 1, 1996, shall certify to the director
of
accounts and reports the amount equal to the amount of revenue realized from ad
valorem taxes imposed pursuant to K.S.A. 72-6431, and amendments thereto,
within such redevelopment district. Prior to February 1, 1997, and annually on
that date thereafter, the governing body of each such city shall certify to the
director of accounts and reports an amount equal to the amount by which
revenues realized from such ad valorem taxes imposed in such redevelopment
district are estimated to be reduced for the ensuing calendar year due to
legislative changes in the statewide school finance formula. Prior to March 1
of each year, the director of accounts and reports shall certify to the state
treasurer each amount
certified by the governing bodies of cities under this section for the ensuing
calendar year and shall transfer from the state general fund to the city tax
increment financing revenue fund the aggregate of all amounts so certified.
Prior to April 15 of each year, the state treasurer shall pay from the city tax
increment financing revenue fund to each city certifying an amount to the
director of accounts and reports under this section for the ensuing calendar
year the amount so certified.
(b) There is hereby created the tax increment financing revenue replacement
fund which shall be administered by the state treasurer. All expenditures from
the tax increment financing revenue replacement fund shall be made in
accordance with appropriations acts upon warrants of the director of accounts
and reports issued pursuant to vouchers approved by the state treasurer or a
person or persons designated by the state treasurer.
History: L. 1996, ch. 264, § 26; July 1.