Kentucky Statutes 42.450 – Local Government Economic Assistance Fund — Sources
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(1) There is hereby established in the State Treasury a fund entitled “Local Government Economic Assistance Fund.” The fund may receive state appropriations, gifts, grants, and federal funds and shall be disbursed by the State Treasurer upon the warrant of the secretary of the Finance and Administration Cabinet. Any unallotted or unencumbered balances in the fund shall be invested pursuant to KRS § 42.500 and the income earned from the investment shall be prorated for expenditure in coal producing and coal impact counties according to each county’s allocable part in the fund.
(2) Effective July 1, 1981, an amount equal to one-half (1/2) of the tax collected annually on the sale of minerals, exclusive of coal, shall be transferred from the general fund into this fund. The transfers shall be made quarterly, based upon the revenue estimates prevailing at the time each quarterly transfer is due, except that the last quarterly transfer shall be made after the close of the fiscal year accounting records, and shall be adjusted to provide the balance of the annual transfer required by this subsection.
(3) Effective October 1, 2010, the quarterly transfer of funds required by subsection (2) of this section shall be made only after the quarterly installment of the annual amount from the prior calendar year allowed as an incentive to an approved company under KRS § 143A.025 and KRS § 154.27-060 has been made.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 115, sec. 1, effective July 15, 2010; and ch. 139, sec. 6, effective July 15, 2010. — Amended 1992 Ky. Acts ch. 107, sec. 1, effective July 1, 1992. — Amended 1986 Ky. Acts ch. 464, sec. 8, effective July 15, 1986. — Created 1980 Ky. Acts ch. 394, sec. 1, effective July 1, 1980.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (1) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (2) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (4) at 1641.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 115 and 139, which do not appear to be in conflict and have been codified together.
(2) Effective July 1, 1981, an amount equal to one-half (1/2) of the tax collected annually on the sale of minerals, exclusive of coal, shall be transferred from the general fund into this fund. The transfers shall be made quarterly, based upon the revenue estimates prevailing at the time each quarterly transfer is due, except that the last quarterly transfer shall be made after the close of the fiscal year accounting records, and shall be adjusted to provide the balance of the annual transfer required by this subsection.
Terms Used In Kentucky Statutes 42.450
- branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
(3) Effective October 1, 2010, the quarterly transfer of funds required by subsection (2) of this section shall be made only after the quarterly installment of the annual amount from the prior calendar year allowed as an incentive to an approved company under KRS § 143A.025 and KRS § 154.27-060 has been made.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 115, sec. 1, effective July 15, 2010; and ch. 139, sec. 6, effective July 15, 2010. — Amended 1992 Ky. Acts ch. 107, sec. 1, effective July 1, 1992. — Amended 1986 Ky. Acts ch. 464, sec. 8, effective July 15, 1986. — Created 1980 Ky. Acts ch. 394, sec. 1, effective July 1, 1980.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (1) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (2) at 1641.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, A, 11, (4) at 1641.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 115 and 139, which do not appear to be in conflict and have been codified together.