<br><br>42.4585 Transfers from local government economic development fund to local <br>government economic assistance fund -- Schedule of transfers. <br>(1) A portion of each quarterly transfer of moneys provided for in KRS 42.4582 shall <br>be transferred from the local government economic development fund into the local <br>government economic assistance fund. <br>(2) The amount transferred annually from the local government economic development <br>fund into the local government economic assistance fund under the provisions of <br>subsection (1) of this section shall be not less than an amount equal to fifteen <br>percent (15%) of the severance and processing taxes on coal collected annually. <br>(3) The quarterly calculation and transfer of funds pursuant to subsections (1) and (2) of <br>this section shall be made only after: <br>(a) The quarterly installment of the annual nineteen million dollars ($19,000,000) <br>allocation of coal severance tax revenues has been credited to the benefit <br>reserve fund within the Kentucky Workers' Compensation Funding <br>Commission as required by KRS 342.122; and <br>(b) The quarterly installment of the annual amount from the prior calendar year <br>allowed as an incentive to an approved company under KRS 143.024 and <br>154.27-060. <br>Effective: August 30, 2007 <br>History: Amended 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 16, effective August 30, <br>2007. -- Amended 2002 Ky. Acts ch. 338, sec. 2, effective July 15, 2002. -- Amended <br>1996 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 77, effective December 12, 1996. -- <br>Created 1992 Ky. Acts ch. 107, sec. 5, effective July 1, 1992. <br><br>