KRS 154.20-285: Investment in single knowledge -based entity -- Investment by local

governments -- Transfer of tax credits.

Notwithstanding the provisions of KRS 154.20 -254, 154.20 -255, and 154.20 -258, an

investment fund approved by the Kentucky Economic Developmen t Finance Authority

after July 1, 2004, and otherwise qualified for tax credits pursuant to the Kentucky

Investment Fund Act as set forth in KRS 154.20 -250 to 154.20-284, may invest up to one

hundred percent (100%) of its committed cash contributions in a single knowledge-based

entity. A city, county, other local governmental entity, or any entity approved by the

Kentucky Economic Development Finance Authority, may invest in an investment fund

created for this purpose and may transfer, for some or no consid eration, any or all of the

tax credits received pursuant to the Kentucky Investment Fund Act to a private entity. The

Kentucky Economic Development Finance Authority shall have discretion to approve or

deny applications for entities seeking credits pursuant to this section.