65.687 Extension of termination date for development area -- Conditions.

208 words·~1 min read·/ky/chapter-65/65-687

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

(1)The termination date for a development area may be extended beyond twenty

years as provided in this section. To qualify for an extension of the termination date,

the development area shall meet the following conditions:

(a)The initial development area shall have been established by the county under

KRS 65.686 prior to July 1, 2003, and all subsequent development areas

contiguous to the initial development area shall have been established prior to

August 1, 2006;

(b)The development area, consisting of one

(1)or more contiguous development

areas, includes at least four hundred

(400)acres in the aggregate; and

(c)The agency that issued the increment bonds for the development areas

described in paragraphs

(a)and

(b)of this subsection shall, within two

years of June 26, 2009, refund the outstanding increment bonds with the

issuance of new increment bonds for a term not to exceed twenty

(20)years.

(2)The termination date for development areas meeting the requirements of subsection

(1)of this section shall be the term of the new increment bonds issued in

accordance with subsection (1)(c) of this section, not to exceed twenty

(20)years

from the date the new increment bonds described in subsection (1)(c) of this section

are issued.