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65.688 Special fund for outstanding increment bonds.

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Page 1 of 1 65.688 Special fund for outstanding increment bonds. For any development area for which increments do not include revenues from the <br>Commonwealth, while increment bonds are outstanding, the issuer shall maintain a <br>special fund which shall be pledged for the retirement of those increment bonds. Officials <br>charged with collecting revenues in the development area shall, for each year a grant <br>contract is in effect or any increment bonds are outstanding with respect to a development <br>area, determine the amount of increments from the development area which they are <br>charged with collecting and submit those increments for deposit in the special fund <br>established by the governing body for that development area. Funds deposited in a special <br>fund for the payment of increment bonds shall be disbursed at the times and in the <br>amounts required to pay debt charges on those increment bonds. Accrued interest from <br>the sale of increment bonds shall be deposited in the special fund pledged to the payment <br>of those bonds. Amounts in a special fund which exceed the amount required to pay debt <br>charges on related increment bonds in any fiscal year may accumulate in the special fund <br>for the payment of future debt charges or to pay the costs of additional projects in the <br>development area, or may be transferred by the governing body from the special fund <br>under the terms of a grant contract or used for any lawful purpose. Effective: July 15, 2002 <br>History: Amended 2002 Ky. Acts ch. 338, sec. 10, effective July 15, 2002. -- Created 2000 Ky. Acts ch. 358, sec. 5, effective July 14, 2000.