{"data":{"id":"us-ky/krs-65.4931","jurisdiction":"us-ky","citation":"KRS 65.4931","heading":"Extension of pilot program period for not more than 25 years -- Conditions","body":"-- Reports.\n(1) As used in this section:\n(a) \"Borrower\" means the entity receiving the proceeds from a new bond issued\nbecause of an extended tax increment financing agree ment allowed under\nKRS 65.490(12);\n(b) \"Excess revenues\" means all moneys which exceed the costs associated with\nthe borrower's operating expenses, capital expenditures, and the regularly\nscheduled debt service on the bond; and\n(c) \"Term of the bond\" shall  begin on the date any current bonds are refinanced,\nreissued, or restructured and shall end upon the earlier of the stated maturity\ndate of the bond or the payment in full of the bond.\n(2) A pilot program may be extended for a period not to exceed an addi tional twenty-\nfive (25) years in connection with the issuance of a new bond by the Kentucky\nEconomic Development Finance Authority if the pilot program agreement contains\nprovisions requiring that:\n(a) The borrower use all excess revenues to redeem the bon d prior to the stated\nmaturity date;\n(b) 1. Once the bond is callable, the borrower apply all excess revenues to the\nredemption of the bond prior to the stated maturity date at least every\nthirty-six (36) months; and\n2. If it is the position of the borrowe r that the application of all excess\nrevenues to the redemption of the bond prior to the stated maturity date\njeopardizes the project, the borrower shall present an alternative\npayment plan for that thirty-six (36) month period to the Capital Projects\nand Bond Oversight Committee for approval; and\n(c) No further revenues under the pilot program be remitted to the borrower\nfollowing the end of the term of the bond.\n(3) The borrower shall submit a report to the Governor and the Capital Projects and\nBond Oversight Committee on or before November 1, 2018, and annually thereafter\nregarding the operations and financial condition of the borrower.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=57123","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:21Z","sha256":"28b8fe87cc43225419e3d1ce28e53391e6196bbb51d4117249155906be1a3be1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.493","next":"us-ky/krs-65.494"},"notice":"GroundRules: Original legal text. Not legal advice."}