2014 Kentucky Revised Statutes CHAPTER 58 - ACQUISITION AND DEVELOPMENT OF PUBLIC PROJECTS THROUGH REVENUE BONDS 58.500 Authority created to acquire Churchill Downs -- Appointment of members -- Terms of office -- Compensation -- Officers.
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58.500 Authority created to acquire Churchill Downs -- Appointment of
members -- Terms of office -- Compensation -- Officers.
(1)
(2)
(a)
A Churchill Downs authority is hereby created, initially consisting of three
(3) prominent citizens and residents of Kentucky to be appointed by the
Governor, one (1) of whom is an owner and breeder of Thoroughbred
horses, and all of whom have no official connection with the government
of the Commonwealth or Churchill Downs. The foregoing members shall
serve as such until the acquisition of Churchill Downs, its real estate,
franchises, rights, privileges and other properties by the authority as an
agency of the Commonwealth.
(b) Upon the completion of such acquisition, the then members of the
authority shall be replaced by other members thereof as follows: nine (9)
persons to be appointed by the Governor, who are residents or owners of
real estate located in the Commonwealth and who are of outstanding
character, business experience and at least six (6) of whom have
knowledge of racing and the affairs of Churchill Downs, and not less than
three (3) of whom shall be residents of Jefferson County. The Governor
shall initially appoint nine (9) persons having such qualifications, two (2)
each for staggered terms ranging from one (1) to four (4) years as he may
designate and one (1) person for a term of four (4) years.
(c) As such terms expire, the then remaining members of the authority, by
majority vote, shall select and submit to the Governor for his
consideration the names of three (3) qualified nominees to fill each
vacancy, one (1) of whom may be a member whose term has expired,
from which the Governor shall appoint, for a four (4) year term, a member
to fill the vacancy.
After all members of the authority appointed as aforesaid have been appointed
for a four (4) year term following the expiration of their initial staggered terms,
the procedure outlined above shall be continued in filling vacancies of
members of the authority as they occur through the expiration of terms.
(d) When and if any member dies, resigns or becomes incapacitated, the
then remaining members of the authority, by majority vote, shall select
and submit to the Governor for his consideration the names of three (3)
qualified nominees to fill such vacancy, from which the Governor shall
appoint a member to fill the vacancy for the unexpired term.
(e) The members shall be a body corporate constituting a public corporation,
governmental agency and instrumentality of the Commonwealth by the
name of "The Churchill Downs Authority" (herein sometimes referred to
as the "authority"), with the perpetual succession and with power in that
name to contract and be contracted with, to acquire and convey property,
sue and be sued, to have and use a corporate seal, and exercise, in
addition to the powers and functions specifically stated in KRS 58.500 to
58.590, all of the usual powers of private corporations to the extent that
the same are not inconsistent with specifically enumerated powers or
limitations upon public corporations.
The members of the authority shall receive no compensation for their services
in that capacity, but shall be entitled to reimbursement for all reasonable
(3)
(4)
(5)
expenses necessarily incurred in the performance of their duties.
A majority of the members of the authority shall constitute a quorum for the
transaction of business, and in the absence of a quorum, one (1) or more
members may adjourn from time to time until a quorum is convened.
From among its members, the authority shall annually elect a chairman and a
vice chairman, each to serve for a term of one (1) year and until his successor
is elected and accepts his election.
The authority shall elect a president, a secretary and a treasurer, each of
whom shall serve for a term of years fixed by contract or an annual term, all
terminable for cause deemed sufficient by the authority, and each of whom
shall receive such compensation as may be determined by the authority. These
officers shall not be members of the authority, but the president and the
secretary shall attend all meetings of the authority. The treasurer shall give
bond to the authority and the Commonwealth conditioned upon his faithful
accounting for all funds coming into his custody from time to time, the same to
be in such amount as the authority may prescribe, with corporate surety given
by a surety company qualified to do business in the Commonwealth, the
premium therefor to be paid by the authority. The authority shall establish and
maintain an office at Churchill Downs, and the secretary of the authority shall at
all times maintain therein complete records of all of the authority's actions and
proceedings, which shall constitute public records open to inspection at
reasonable times.
Effective:June 17, 1978
History: Created 1978 Ky. Acts ch. 111, sec. 1, effective June 17, 1978.
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