42.4585 Transfers from local government economic development fund to local

138 words·~1 min read·/ky/42-4585

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

government economic assistance fund -- Schedule of transfers.

(1)A portion of each quarterly transfer of moneys provided for in KRS 42.4582 shall

be transferred from the local government economic development fund into the local

government economic assistance fund.

(2)The amount transferred annually from the local government economic development

fund into the local government economic assistance fund under the provisions of

subsection

(1)of this section shall be not less than an amount equal to fifteen

percent (15%) of the severance and processing taxes on coal collected annually.

(3)The quarterly calculation and transfer of funds pursuant to subsections

(1)and

of this section shall be made only after distribution of the quarterly installment of

the annual amount from the prior calendar year allowed as an incentive to an

approved company under KRS 143.024 and 154.27-060.