12-1775a.   Tax increment financing revenue replacement fund created;transfers, calculation of amount.(a) Prior to December 31, 1996, the governing body of eachcity which, pursuant to K.S.A. 12-1771, and amendments thereto, has establisheda redevelopment district prior to July 1, 1996, shall certify to the directorofaccounts and reports the amount equal to the amount of revenue realized from advalorem taxes imposed pursuant to K.S.A. 72-6431, and amendments thereto,within such redevelopment district. Prior to February 1, 1997, and annually onthat date thereafter, the governing body of each such city shall certify to thedirector of accounts and reports an amount equal to the amount by whichrevenues realized from such ad valorem taxes imposed in such redevelopmentdistrict are estimated to be reduced for the ensuing calendar year due tolegislative changes in the statewide school finance formula. Prior to March 1of each year, the director of accounts and reports shall certify to the statetreasurer each amountcertified by the governing bodies of cities under this section for the ensuingcalendar year and shall transfer from the state general fund to the city taxincrement 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 taxincrement financing revenue fund to each city certifying an amount to thedirector of accounts and reports under this section for the ensuing calendaryear the amount so certified.

      (b)   There is hereby created the tax increment financing revenue replacementfund which shall be administered by the state treasurer. All expenditures fromthe tax increment financing revenue replacement fund shall be made inaccordance with appropriations acts upon warrants of the director of accountsand reports issued pursuant to vouchers approved by the state treasurer or aperson or persons designated by the state treasurer.

      History:   L. 1996, ch. 264, § 26; July 1.