{"data":{"id":"us-ky/krs-42.4582","jurisdiction":"us-ky","citation":"KRS 42.4582","heading":"Local government economic development fund -- Adjustment for quarterly","body":"transfers -- Schedule of transfers from general fund.\n(1) There is hereby established in the State Treasury a fund entitled \"Local Government\nEconomic Development Fund.\" The  fund may receive state appropriations, gifts,\ngrants, and federal funds and shall be disbursed by the State Treasurer upon the\nwarrant of the secretary of the Finance and Administration Cabinet. Any unallotted\nor unencumbered balances in the fund shall be  invested as provided for in KRS\n42.500(9). Income earned from the investments shall be prorated for grants to\ncounties according to the allotment schedule set out in KRS 42.4592.\n(2) (a) Moneys shall be transferred from the general fund in an amount equal  to fifty\npercent (50%) of the severance and processing taxes on coal collected\nannually, unless otherwise amended by the budget bill.\n(b) The transfers shall be made quarterly, based upon the revenue estimates\nprevailing at the time each quarterly transfe r is due. Each quarterly transfer\nshall be adjusted to account for refunds by determining the total amount of\nrefunds paid in the prior fiscal year, dividing that amount by four (4), and\nreducing each transfer by this amount. The last quarterly transfer sh all be\nmade after the close of the fiscal year accounting records, and shall be\nadjusted to provide the balance of the annual transfer required by this\nsubsection.\n(c) The quarterly calculation and transfer of funds pursuant to this section shall be\nmade only after distribution of the quarterly installment of the annual amount\nfrom the prior calendar year allowed as an incentive to an approved company\nunder KRS 143.024 and 154.27-060.","path":["KRS Chapter 42"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=44913","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:02Z","sha256":"b23412cf6ee5ce9553c258f6401caa80e22e8802eb83d73691e7513c004a754a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-42.455","next":"us-ky/krs-42.4585"},"notice":"GroundRules: Original legal text. Not legal advice."}