(1) Oversight and responsibility for the Commonwealth's participation in tax increment financing shall be transferred from the Tax Increment Financing Commission to the Kentucky Economic Development Finance Authority, established by KRS 154.20 - 010, on July 15, 2008. (2) On and after July 15, 2008, the Tax Increment Financing Commission and the Division of Tax Increment Financing within the Office of the Commission er in the Department of Revenue shall cease to exist. (3) All documentation and records relating to state participation in all tax increment financing programs and all agreements authorized by all prior and existing statutes shall be transferred by the Tax Increment Financing Commission and the Division of Tax Increment Financing to the Kentucky Economic Development Finance Authority. (4) The Division of Tax Increment Financing shall obtain authorization from all affected entities prior to the transfer of a ny confidential tax information to the Kentucky Economic Development Finance Authority. (5) Members of the Tax Increment Financing Commission and staff of the Division of Tax Increment Financing shall cooperate fully with the Kentucky Economic Development Finance Authority in the transfer of all necessary records and information. (6) Tax increment financing projects established under prior tax increment financing laws and agreements entered into under prior tax increment financing laws shall be administered and interpreted in accordance with the law in effect at the time the project was approved and the agreement entered into.
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