(1) A local participation agreement shall be executed among the agencies and taxing districts involved in administering or providi ng financing or pledging incremental revenues to support the implementation of a development plan in a development area. The local participation agreement shall be adopted by a city or county by ordinance and by any other taxing authority or agency by reso lution, and shall include but not be limited to the following provisions: (a) Identification of the parties to the local participation agreement and the duties and responsibilities of each entity under the agreement; (b) Specific identification of the incr emental revenues released or pledged, or wage assessments pledged by type of tax by each taxing district; (c) The anticipated benefit to be received by each taxing district for the release or pledge, including: 1. A detailed summary of old revenues collect ed and projected new revenues for each taxing district on an annual basis for the term of the local participation agreement; and 2. The maximum amount of incremental revenue to be paid by each taxing district and the maximum number of years the payment will be effective; (d) A detailed description of the development area, including a legal description of the parcels included in the development area; (e) A description of each proposed project that is the subject of a local participation agreement, including an estimate of the costs of construction, acquisition, and development; (f) A requirement that pledged incremental revenues will be deposited in a special fund established pursuant to KRS 65.7061, including the timing and procedure for depositing incremental revenues and other pledged amounts into the special fund; (g) Terms of default and remedies, provided that no remedy shall permit the withholding by any party to the local participation agreement of any incremental revenues pledged to the special fund i f increment bonds are outstanding that are secured by a pledge of those incremental revenues; (h) The commencement date, activation date, and termination date; and (i) Any other provisions not inconsistent with KRS 65.7041 to 65.7083 deemed necessary or appropriate by the parties to the agreement. (2) Any pledge of incremental revenues in a local participation agreement shall be superior to any other pledge of revenues for any other purpose and shall, from the activation date to the termination date set forth in the local participation agreement, supersede any statute, ordinance, or resolution regarding the application or use of incremental revenues. An ordinance in conflict with a local participation agreement shall not be adopted while any increment bonds secured by that pledge remain outstanding. Ordi nances or resolutions pledging incremental revenues on a subordinate basis to any existing pledges may be adopted.
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