Kentucky Statutes 154.26-115 – Options for companies with preliminary approval or final agreement before July 13, 2004
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(1) If, prior to July 13, 2004, the authority has given its preliminary approval designating an eligible company as a preliminarily approved company and authorizing the undertaking of an economic revitalization project, but has not entered into a final agreement with the company, the company shall have the one- time option to:
(a) Operate under the existing agreement as preliminarily approved; or
(b) Request the authority to amend the agreement to comply with the amendments to KRS § 154.26-090, 154.26-100, and 141.310 in 2004 Ky. Acts ch. 18, secs.
1, 2, 4, and 5.
(2) If, prior to July 13, 2004, the authority has entered into a final agreement with an eligible company, and if the final agreement is still in effect, the company shall have the one-time option to:
(a) Operate under the existing final agreement; or
(b) Request the authority to amend only the employee assessment portion of the final agreement to comply with the amendment to KRS § 154.26-100 in 2004
Ky. Acts ch. 18, sec. 2.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 151, sec. 68, effective June 27, 2019. — Created
2004 Ky. Acts ch. 18, sec. 3, effective July 13, 2004.
Legislative Research Commission Note (6/27/2019). Section 85 of 2019 Ky. Acts ch.
151 states that the amendments to this statute made in Section 68 of that Act apply retroactively to April 14, 2018.
Legislative Research Commission Note (4/27/2018). KRS § 136.0704 was repealed in
2018 Ky. Acts chs. 171 and 207, but a conforming amendment was not made to this statute to address the reference it contains to KRS § 136.0704. The Reviser of Statutes has determined that making such a conforming change during the 2018 codification exceeds the permissible correction of manifest clerical or typographical errors under KRS § 7.136(1)(h). Therefore, the reference to KRS § 136.0704 remains unchanged and would have to be changed pursuant to future legislative action.
Legislative Research Commission Note (7/13/2004). This section, as enacted in 2004
Ky. Acts ch. 18, sec. 3, is substantially similar to KRS § 154.26-085, as enacted in
2004 Ky. Acts ch. 105, sec. 15.
(a) Operate under the existing agreement as preliminarily approved; or
Terms Used In Kentucky Statutes 154.26-115
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Authority: means the Kentucky Economic Development Finance Authority created by KRS §. See Kentucky Statutes 154.26-010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Eligible company: means any corporation, limited liability company, partnership, limited partnership, sole proprietorship, business trust, or any other entity:
(a) Employing or intending to employ full-time a minimum of twenty-five (25) persons engaged in manufacturing or agribusiness operations at the same facility, whether acquired, owned, or leased, located and operating within the Commonwealth on a permanent basis for a reasonable period of time preceding the request for approval by the authority of an economic revitalization project, including facilities where manufacturing or agribusiness operations has been temporarily suspended and which meets the standards promulgated by the authority pursuant to KRS §. See Kentucky Statutes 154.26-010 - Project: includes but is not limited to agribusiness, agricultural or forestry production, harvesting, storage, or processing facilities or equipment. See Kentucky Statutes 154.1-010
- Statute: A law passed by a legislature.
(b) Request the authority to amend the agreement to comply with the amendments to KRS § 154.26-090, 154.26-100, and 141.310 in 2004 Ky. Acts ch. 18, secs.
1, 2, 4, and 5.
(2) If, prior to July 13, 2004, the authority has entered into a final agreement with an eligible company, and if the final agreement is still in effect, the company shall have the one-time option to:
(a) Operate under the existing final agreement; or
(b) Request the authority to amend only the employee assessment portion of the final agreement to comply with the amendment to KRS § 154.26-100 in 2004
Ky. Acts ch. 18, sec. 2.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 151, sec. 68, effective June 27, 2019. — Created
2004 Ky. Acts ch. 18, sec. 3, effective July 13, 2004.
Legislative Research Commission Note (6/27/2019). Section 85 of 2019 Ky. Acts ch.
151 states that the amendments to this statute made in Section 68 of that Act apply retroactively to April 14, 2018.
Legislative Research Commission Note (4/27/2018). KRS § 136.0704 was repealed in
2018 Ky. Acts chs. 171 and 207, but a conforming amendment was not made to this statute to address the reference it contains to KRS § 136.0704. The Reviser of Statutes has determined that making such a conforming change during the 2018 codification exceeds the permissible correction of manifest clerical or typographical errors under KRS § 7.136(1)(h). Therefore, the reference to KRS § 136.0704 remains unchanged and would have to be changed pursuant to future legislative action.
Legislative Research Commission Note (7/13/2004). This section, as enacted in 2004
Ky. Acts ch. 18, sec. 3, is substantially similar to KRS § 154.26-085, as enacted in
2004 Ky. Acts ch. 105, sec. 15.