{"data":{"id":"us-ky/krs-65.505","jurisdiction":"us-ky","citation":"KRS 65.505","heading":"Documentation, records, and release of incremental revenues -- Bonds --","body":"Biennial report.\n(1) All documentation, records, and release of incremental revenues relating to local\ntax revenues shall be maintained and determined by the governing body.\n(2) All documentation, records, and release of incremental revenues relating to state tax\nrevenues shall be maintained and determined by the Department of Revenue.\n(3) Upon notice from the West End Opportunity Partnership, the governing body\nobligated u nder a local participation agreement and the Department of Revenue\nshall release to the West End Opportunity Partnership the incremental revenues due.\n(4) (a) The governing body and the Department of Revenue shall have no obligation\nto refund or otherwise return any of the incremental revenues to the taxpayer\nfrom whom the incremental revenues arose or are attributable.\n(b) No additional incremental revenues resulting from audit, amended returns, or\nother activity for any period shall be transferred after t he initial release to the\nWest End Opportunity Partnership for that period.\n(5) If the West End Opportunity Partnership issues bonds for development within the\ndevelopment area and incremental revenues have been pledged for that\ndevelopment, the West End O pportunity Partnership shall maintain a separate\naccount to account for the:\n(a) Bond proceeds received;\n(b) Incremental revenues received; and\n(c) Payment of debt charges of the bond.\n(6) The West End Opportunity Partnership shall provide a biennial report to the Interim\nJoint Committee on Appropriations and Revenue on or before August 1, 2023, and\non or before August 1 of each odd -numbered year thereafter. The report shall\ncontain the following information:\n(a) The amounts of moneys received by private sector investors, the consolidated\nlocal government, and the Commonwealth, including the party that made the\npayment;\n(b) The annual financial statements of the West End Opportunity Partnershi p,\nincluding the current balances of all funds and accounts of the West End\nOpportunity Partnership;\n(c) The total amount of state tax revenues and local tax revenues received by the\nWest End Opportunity Partnership for the preceding biennial period\ncategorized by each type of tax;\n(d) The operating expenditures incurred by the West End Opportunity\nPartnership, including management fees, investment fees, legal fees, or\nadministrative fees incurred;\n(e) A list of the projects supported by investments from th e West End\nOpportunity Partnership in the preceding year and a description of the\ninvestment amount contributed by the West End Opportunity Partnership for\neach project;\n(f) The amount of bonds issued or other borrowed moneys received by the West\nEnd Opportunity Partnership;\n(g) Any personal or private interests or affiliated board members as described in\nKRS 65.503(11); and\n(h) Upon request from the General Assembly, copies of the West End\nOpportunity Partnership's bylaws and any contracts or agreements in  which\nthe West End Opportunity Partnership is a party.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53628","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:21Z","sha256":"57cde0875f85ade5a732ac8d47e17bbff61c609514e30f209086c0d04a812bf9","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.504","next":"us-ky/krs-65.506"},"notice":"GroundRules: Original legal text. Not legal advice."}