154.30.080 Requirement that minimal capital investment be made prior to the release of incremental revenues -- Escrow account -- Duties of authority to monitor agreements and track revenues. - Kentucky Statutes

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Page 1 of 1 154.30-080 Requirement that minimal capital investment be made prior to the release of incremental revenues -- Escrow account -- Duties of authority to
monitor agreements and track revenues. (1) (a) Prior to any incremental revenues being released by the Commonwealth for any project, the authority shall certify that the minimum capital investment has
been made as required by the tax incentive agreement. (b) Incremental revenues received after the activation date but prior to certification of the minimum capital investment shall be retained by the
Commonwealth until the minimum capital investment is certified by the
authority. The incremental revenues shall be released to the agency upon
certification. If the minimum capital investment is not certified within the
time period established by the authority, the incremental revenues shall be
forfeited to the Commonwealth. (2) The authority shall monitor all tax incentive agreements and shall verify for each project expenditure identified as approved public infrastructure costs and where
applicable, financing costs, approved signature project costs and expenses for land
preparation, demolition and clearance. (3) The authority shall track the amount of incremental revenues released to each agency under each tax incentive agreement. Effective: July 15, 2008
History: Repealed, reenacted, and amended 2008 Ky. Acts ch. 178, sec. 21, effective July 15, 2008. -- Created 2007 Ky. Acts ch. 95, sec. 21, effective March 23, 2007. Formerly codified as KRS 65.7081.