Kentucky Revised Statutes Title IX. Counties, Cities, and Other Local Units § 65.687.Extension of termination date for development area; conditions

(a) The initial development area shall have been established by the county under KRS 65.686 prior to July 1, 2003, and all subsequent development areas contiguous to the initial development area shall have been established prior to August 1, 2006;

(b) The development area, consisting of one (1) or more contiguous development areas, includes at least four hundred (400) acres in the aggregate; and

(c) The agency that issued the increment bonds for the development areas described in paragraphs (a) and (b) of this subsection shall, within two (2) years of June 26, 2009, refund the outstanding increment bonds with the issuance of new increment bonds for a term not to exceed twenty (20) years.