(A) For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACT. KRS 65.680 through 65.699.
ACTIVATION DATE. The date established in § 115.06, which shall also constitute the commencement date.
COMMONWEALTH. The Commonwealth of Kentucky.
COUNTY. Boone County, Kentucky.
DEVELOPMENT AREA NO. 1. A contiguous geographic area, located within the geographical boundaries of the county, which is created for infrastructure development purposes by this chapter in which one or more projects are proposed to be located to be known as DEVELOPMENT AREA NO. 1.
FINANCIAL ADVISOR. Ross, Sinclaire & Associates.
INCREMENT or INCREMENTS. The amount of revenues received by the county and/or agency determined by subtracting the amount of old revenues from the amount of new revenues, in any calendar year, with respect to Development Area No. 1.
KRS. Kentucky Revised Statutes, as amended.
NEW REVENUES. Shall have the same meaning and definition as set forth and defined in KRS 65.680(20).
OLD REVENUES. Shall have the same meaning and definition as set forth and defined in KRS 65.680(21).
PROJECT or ECONOMIC DEVELOPMENT PROJECT. Shall have the same meaning as set forth in KRS 65.680(24), and specifically shall refer to the economic and infrastructure development for industrial/commercial use, located within Development Area No. 1, established by this chapter, which has been determined by the Fiscal Court for the county as contributing to economic development.
SPECIAL COUNSEL. Peck, Shaffer & Williams, LLP.
SPECIAL FUND. Development Area No. 1 Fund in which increments and other revenues collected within the development area are deposited and from which funds are used to pay the costs of projects or to pay debt charges on increment bonds associated with Development Area No. 1.
(B) Any term not defined herein shall have the same meaning as set forth in KRS 65.680.
(Ord. 05-13, passed 9-20-05)