KRS 154.22-100: Approved company's ability to elect to reduce job assessment fee rate

imposed prior to July 15, 1996.

(1) If an approved company's financing agreement in effect prior to July 15, 1996,

stipulates that the approved company elects to impose a six per cent (6%) job

development assessment fee pursuant to KRS 154.22 -070 as in effect prior to July

15, 1996, the approved company, subject to provisions of subsection (2) of this

section, may elect to change the job development fee rate from six percent (6%) a s

prescribed in KRS 154.22 -070 as in effect prior to July 15, 1996, to four percent

(4%) as set forth in KRS 154.22-070.

(2) An approved company may elect to reduce the job assessment fee rate as prescribed

in subsection (1) of this section if the financin g agreement respecting the approved

company's approved project is amended upon written approval of all parties thereto,

and the approved company attests in writing to the satisfaction of the authority that

the approved company has not entered into any othe r agreement by which the

company has pledged the proceeds of a six percent (6%) job development

assessment fee as partial or full payment of any debt or other obligation to any other

party.