{"data":{"id":"us-ky/krs-65.7061","jurisdiction":"us-ky","citation":"KRS 65.7061","heading":"Special fund to be pledged for retirement of increment bonds --","body":"Requirements governing disbursal of funds.\nDuring any time when incremental revenues have been pledged pursuant to a local\nparticipation agreement or local development area agreement, or that increment bonds are\noutstanding, the city, county, or issuer, as the case may be, shall maintain a special fund,\nwhich shall be pledged for the retirement of increment bonds, if such bonds are\noutstanding, and the payment of costs related to a project  in a development area or local\ndevelopment area, or providing redevelopment assistance in a development area.\n(1) Officials charged with collecting revenues for any taxing district that has pledged\nincremental revenues under a local participation agreemen t or a local development\narea agreement shall, for each year a local participation agreement or local\ndevelopment area agreement is in effect or any increment bonds are outstanding\nwith respect to a development area or local development area, submit those\nincremental revenues for deposit in the special fund. The amount of incremental\nrevenues shall be determined under KRS 65.7083.\n(2) Funds deposited in a special fund shall be disbursed at the times and in the amounts\nrequired to pay the costs of any debt c harges on incremental bonds, approved costs,\nand redevelopment assistance. However, there shall be no disbursements for other\nredevelopment assistance or approved costs in a development area or local\ndevelopment area, if the funds are required to pay debt charges on increment bonds.\n(3) Amounts in a special fund which exceed the amount required to pay debt charges\nand, in a development area, and costs of redevelopment assistance in any fiscal year\nshall be used to provide for the retirement or defeasance of  all or a portion of the\nremaining debt charges secured by the incremental revenues. Amounts beyond this\nmay be used to pay the costs of additional projects or redevelopment assistance.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23480","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:22Z","sha256":"c46dd634936004566fa8a9c3575cd6b4f822b042811effc6970eba7bbeae3c52","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.7059","next":"us-ky/krs-65.7063"},"notice":"GroundRules: Original legal text. Not legal advice."}