42.450 Local Government Economic Assistance Fund -- Sources.

229 words·~1 min read·/ky/chapter-42/42-450

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

(1)There is hereby established in the State Treasury a fund entitled "Local Government

Economic Assistance Fund." The fund may receive state appropriations, gifts,

grants, and federal funds and shall be disbursed by the State Treasurer upon the

warrant of the secretary of the Finance and Administration Cabinet. Any unallotted

or unencumbered balances in the fund shall be invested pursuant to KRS 42.500

and the income earned from the investment shall be prorated for expenditure in coal

producing and coal impact counties according to each county's allocable part in the

fund.

(2)Effective July 1, 1981, an amount equal to one-half (1/2) of the tax collected

annually on the sale of minerals, exclusive of coal, shall be transferred from the

general fund into this fund. The transfers shall be made quarterly, based upon the

revenue estimates prevailing at the time each quarterly transfer is due, except that

the last quarterly transfer shall be made after the close of the fiscal year accounting

records, and shall be adjusted to provide the balance of the annual transfer required

by this subsection.

(3)Effective October 1, 2010, the quarterly transfer of funds required by subsection

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

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

company under KRS 143A.025 and 154.27-060 has been made.