{"data":{"id":"us-ky/krs-65.688","jurisdiction":"us-ky","citation":"KRS 65.688","heading":"Special fund for outstanding increment bonds.","body":"For any development area for which increments do not include revenues from the\nCommonwealth, while increment bonds are outstanding, the issuer shall maintain a\nspecial fund which shall be pledged for the retirement of those increment bonds. Officials\ncharged with collecting revenues in the development area shall, for each year a grant\ncontract is in effect or any increment bonds are outstanding with respect to a development\narea, determine the amount of increments from the development area which they are\ncharged with collecting and submit those increments for deposit in the special fund\nestablished by the governing body for that development area. Funds deposited in a special\nfund for the payment of increment bonds shall be disbursed at the times and in the\namounts required to pay debt charges on those increment bonds. Accrued interest from\nthe sale of increment bonds shall be deposited in the special fund pledged to the payment\nof those bonds. Amounts in a special fund which exceed the amount required to pay debt\ncharges on related increment bonds in any fiscal year may accumulate in the special fund\nfor the payment of future debt charges or to pay the costs of additional projects in the\ndevelopment area, or may be transferred by the governing body from the sp ecial fund\nunder the terms of a grant contract or used for any lawful purpose.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23457","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:22Z","sha256":"423515f65409365c8381868076aa01b19eedf3d106f3868c097f20e02ef4ce20","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.687","next":"us-ky/krs-65.690"},"notice":"GroundRules: Original legal text. Not legal advice."}