Section 42.4585 - Transfers from local government economic development fund to local government economic assistance fund - Schedule of transfers(1) A portion of each quarterly transfer of moneys provided for in KRS 42.4582 shall be transferred from the local government economic development fund into the local government economic assistance fund.(2) The amount transferred annually from the local government economic development fund into the local government economic assistance fund under the provisions of subsection (1) of this section shall be not less than an amount equal to fifteen percent (15%) of the severance and processing taxes on coal collected annually.(3) The quarterly calculation and transfer of funds pursuant to subsections (1) and (2) of this section shall be made only after distribution of the quarterly installment of the annual amount from the prior calendar year allowed as an incentive to an approved company under KRS 143.024 and 154.27-060.Amended by 2012 Ky. Acts ch. 110,§ 14, eff. 4/11/2012.Amended 2007, (2d Extra. Sess.) Ky. Acts ch. 1, sec. 16, effective 8/30/2007. -- Amended 2002, Ky. Acts ch. 338, sec. 2, effective 7/15/2002. -- Amended 1996, (1st Extra. Sess.) Ky. Acts ch. 1, sec. 77, effective 12/12/1996. --Created 1992 Ky. Acts ch. 107, sec. 5, effective 7/1/1992.