42.480 Estimate of funds to be allocated -- Remittance of funds.

168 words·~1 min read·/ky/chapter-42/42-480

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

(1)On or before July 1, 1992, and each year thereafter, the commissioner of the

Department for Local Government shall provide the Cabinet for Economic

Development, the Kentucky Economic Development Finance Authority, and the

legislative body of each local government eligible for funds under the provisions of

KRS 42.450 to 42.495, an estimate of the funds that will be allocated to the local

government for fiscal year 1992-93, and each year thereafter.

(2)On or before the fifteenth of the first month of a quarter, the commissioner of the

Department for Local Government shall cause to be remitted to the legislative

bodies of the local governments eligible for funds from the local government

economic assistance fund, the funds allocated to the respective local governments

for the prior quarter; except that the remittance for the last quarter of a fiscal year

shall be made after the close of the fiscal year accounting records and shall be

adjusted to provide the balance of the annual allocation due the local government.