KRS § 65.505 — KY Code / Title IX / Chapter 65 / Section 65.505
65.505 Documentation, records, and release of incremental revenues -- Bonds -- Biennial report
Status: in_force

65.505 Documentation, records, and release of incremental revenues -- Bonds --

Biennial report.

(1) All documentation, records, and release of incremental revenues relating to local

tax revenues shall be maintained and determined by the governing body.

(2) All documentation, records, and release of incremental revenues relating to state tax

revenues shall be maintained and determined by the Department of Revenue.

(3) Upon notice from the West End Opportunity Partnership, the governing body

obligated under a local participation agreement and the Department of Revenue

shall release to the West End Opportunity Partnership the incremental revenues due.

(4) (a) The governing body and the Department of Revenue shall have no obligation

to refund or otherwise return any of the incremental revenues to the taxpayer

from whom the incremental revenues arose or are attributable.

(b) No additional incremental revenues resulting from audit, amended returns, or

other activity for any period shall be transferred after the initial release to the

West End Opportunity Partnership for that period.

(5) If the West End Opportunity Partnership issues bonds for development within the

development area and incremental revenues have been pledged for that

development, the West End Opportunity Partnership shall maintain a separate

account to account for the:

(a) Bond proceeds received;

(b) Incremental revenues received; and

(c) Payment of debt charges of the bond.

(6) The West End Opportunity Partnership shall provide a biennial report to the Interim

Joint Committee on Appropriations and Revenue on or before August 1, 2023, and

on or before August 1 of each odd-numbered year thereafter. The report shall

contain the following information:

(a) The amounts of moneys received by private sector investors, the consolidated

local government, and the Commonwealth, including the party that made the

payment;

(b) The annual financial statements of the West End Opportunity Partnership,

including the current balances of all funds and accounts of the West End

Opportunity Partnership;

(c) The total amount of state tax revenues and local tax revenues received by the

West End Opportunity Partnership for the preceding biennial period

categorized by each type of tax;

(d) The operating expenditures incurred by the West End Opportunity

Partnership, including management fees, investment fees, legal fees, or

administrative fees incurred;

(e) A list of the projects supported by investments from the West End

Opportunity Partnership in the preceding year and a description of the

investment amount contributed by the West End Opportunity Partnership for

each project;

(f) The amount of bonds issued or other borrowed moneys received by the West

End Opportunity Partnership;

(g) Any personal or private interests or affiliated board members as described in

KRS 65.503(11); and

(h) Upon request from the General Assembly, copies of the West End

Opportunity Partnership's bylaws and any contracts or agreements in which

the West End Opportunity Partnership is a party.