Page 1 of 1
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 <br>participation agreement or local development area agreement, or that increment bonds are <br>outstanding, the city, county, or issuer, as the case may be, shall maintain a special fund, <br>which shall be pledged for the retirement of increment bonds, if such bonds are <br>outstanding, and the payment of costs related to a project in a development area or local <br>development area, or providing redevelopment assistance in a development area. <br>(1) Officials charged with collecting revenues for any taxing district that has pledged
incremental revenues under a local participation agreement or a local development <br>area agreement shall, for each year a local participation agreement or local <br>development area agreement is in effect or any increment bonds are outstanding <br>with respect to a development area or local development area, submit those <br>incremental revenues for deposit in the special fund. The amount of incremental <br>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, <br>and redevelopment assistance. However, there shall be no disbursements for other <br>redevelopment assistance or approved costs in a development area or local <br>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 <br>shall be used to provide for the retirement or defeasance of all or a portion of the <br>remaining debt charges secured by the incremental revenues. Amounts beyond this <br>may be used to pay the costs of additional projects or redevelopment assistance.
Effective: July 15, 2008 <br>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.
Page 1 of 1
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 <br>participation agreement or local development area agreement, or that increment bonds are <br>outstanding, the city, county, or issuer, as the case may be, shall maintain a special fund, <br>which shall be pledged for the retirement of increment bonds, if such bonds are <br>outstanding, and the payment of costs related to a project in a development area or local <br>development area, or providing redevelopment assistance in a development area. <br>(1) Officials charged with collecting revenues for any taxing district that has pledged
incremental revenues under a local participation agreement or a local development <br>area agreement shall, for each year a local participation agreement or local <br>development area agreement is in effect or any increment bonds are outstanding <br>with respect to a development area or local development area, submit those <br>incremental revenues for deposit in the special fund. The amount of incremental <br>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, <br>and redevelopment assistance. However, there shall be no disbursements for other <br>redevelopment assistance or approved costs in a development area or local <br>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 <br>shall be used to provide for the retirement or defeasance of all or a portion of the <br>remaining debt charges secured by the incremental revenues. Amounts beyond this <br>may be used to pay the costs of additional projects or redevelopment assistance.
Effective: July 15, 2008 <br>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.
Page 1 of 1
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 <br>participation agreement or local development area agreement, or that increment bonds are <br>outstanding, the city, county, or issuer, as the case may be, shall maintain a special fund, <br>which shall be pledged for the retirement of increment bonds, if such bonds are <br>outstanding, and the payment of costs related to a project in a development area or local <br>development area, or providing redevelopment assistance in a development area. <br>(1) Officials charged with collecting revenues for any taxing district that has pledged
incremental revenues under a local participation agreement or a local development <br>area agreement shall, for each year a local participation agreement or local <br>development area agreement is in effect or any increment bonds are outstanding <br>with respect to a development area or local development area, submit those <br>incremental revenues for deposit in the special fund. The amount of incremental <br>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, <br>and redevelopment assistance. However, there shall be no disbursements for other <br>redevelopment assistance or approved costs in a development area or local <br>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 <br>shall be used to provide for the retirement or defeasance of all or a portion of the <br>remaining debt charges secured by the incremental revenues. Amounts beyond this <br>may be used to pay the costs of additional projects or redevelopment assistance.
Effective: July 15, 2008 <br>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.
