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65.499 Notice of contract of release to tax collector -- Distribution of tax revenues.

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Page 1 of 1 65.499 Notice of contract of release to tax collector -- Distribution of tax revenues. Any agency, other than a county, consolidated local government, city, urban-county, or <br>charter county government, that enters into a contract with any taxing district for the <br>release of any increments that may arise during the period of a contract of release shall <br>forthwith notify the official charged with the collecting of taxes for the property in the <br>development area of the execution of a contract of release, and the official charged with <br>the collection of taxes shall in each year a contract of release is in effect determine the <br>amount of the increment that is the subject of the contract of release for division between <br>the taxing district and the agency; and, upon the basis of the agreement made between the <br>taxing district and the agency, the official shall divide and distribute the funds derived <br>from the area between the taxing district and the agency. Any local government that has <br>designated an agency as having oversight of a designated development area shall annually <br>issue a release to the agency of those increments created from the taxes collected on <br>properties within the development area. All increments released to an agency of a local <br>government shall be used solely for the purposes of projects in the development area. Effective: July 15, 2002 <br>History: Amended 2002 Ky. Acts ch. 346, sec. 31, effective July 15, 2002. -- Created 2000 Ky. Acts ch. 326, sec. 6, effective July 14, 2000.