HB 852/FN (BR 1775) - R. Palumbo, J. Adams, H. Anderson, J. Bowling, P. Clark, H. Cornett, G. Graham, J. Haydon, C. Hoffman, R. Palmer, C. Siler
AN ACT relating to incremental financing by local governments.
Create new sections of KRS Chapter 65 to establish the Kentucky Increment Financing Act; establish definitions; declare that economic development projects as prescribed serve a public purpose; establish the power of cities and counties to exercise any powers to carry out prescribed purposes; permit a city or county to establish or modify a development area after a public hearing, adoption of an ordinance, and provision of prescribed information to the local revenue collector for calculation of the increments or new revenues in the area; require increments generated in a development area to be deposited in a special fund, and provide for the termination of a development area; require the maintenance of a special fund which is pledged for the retirement of outstanding increment bonds as required and permit funds remaining in excess of that amount needed to repay increment bonds to be used for future debt or projects in the development area or transferred for other lawful governmental purposes; require increment bonds to be issued by ordinance as prescribed; permit the use of increment bonds to pay the cost of economic development projects and apply specified provisions of KRS Chapter 66 to the issuance of increment bonds; permit debt payments on increment bonds to be made from increments and other specified sources; permit the use of increment bonds to fund or refund outstanding increment bonds and require maturation of bonds consistent with KRS 66.091 and the date of issuance of the original bonds; permit a city or county to pledge increments for the repayment of increment bonds or establish a financing agreement if adopted by ordinance; require a pledge of increments to be superior to other pledges of revenues as prescribed; and prohibit the adoption of ordinances pledging increment revenues to other projects while bonds secured by the original pledge remain outstanding, permit the pledging of increments on a subordinate basis to existing pledges by ordinance; and permit the release of expected increments by a city or a county in an established development area by a financing agreement with any other city or county and specify the acquired provisions of a financing agreement.
HB 852 - AMENDMENTS
HCA (1, R. Palumbo) - Amend definition of "tax collector" to "revenue collector."
Feb 25-introduced in House
Feb 28-to Local Government (H)
Feb 29-reassigned to Economic Development (H)
Mar 7-posted in committee
Mar 9-reported favorably, 1st reading, to Calendar with committee amendment (1)
Mar 10-2nd reading, to Rules
Mar 14-posted for passage in the Regular Orders of the Day for Wednesday, March 15, 2000
Mar 15-3rd reading, passed 74-10 with committee amendment (1)
Mar 16-received in Senate
Mar 21-to Economic Development, Tourism & Labor (S)
Mar 23-reported favorably, 1st reading, to Consent Calendar
Mar 24-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Monday, March 27, 2000
Mar 27-3rd reading, passed 38-0
Mar 28-received in House; enrolled, signed by each presiding officer, delivered to Governor
Apr 6-signed by Governor (Acts ch. 358)