{"data":{"id":"us-ky/krs-65.499","jurisdiction":"us-ky","citation":"KRS 65.499","heading":"Notice of contract of release to tax collector -- Distribution of tax revenues.","body":"Any agency, other than a county, consolidated local government, city, urban -county, or\ncharter county government, that enters into a contract with any taxing district for t he\nrelease of any increments that may arise during the period of a contract of release shall\nforthwith notify the official charged with the collecting of taxes for the property in the\ndevelopment area of the execution of a contract of release, and the offi cial charged with\nthe collection of taxes shall in each year a contract of release is in effect determine the\namount of the increment that is the subject of the contract of release for division between\nthe taxing district and the agency; and, upon the basis of the agreement made between the\ntaxing district and the agency, the official shall divide and distribute the funds derived\nfrom the area between the taxing district and the agency. Any local government that has\ndesignated an agency as having oversight of a designated development area shall annually\nissue a release to the agency of those increments created from the taxes collected on\nproperties within the development area. All increments released to an agency of a local\ngovernment shall be used solely for the purposes of projects in the development area.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23422","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:21Z","sha256":"9a0c822d9c3cabe144ad38c7aba5811fb1ff39006de2f2e8b790e9989920040e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.497","next":"us-ky/krs-65.500"},"notice":"GroundRules: Original legal text. Not legal advice."}