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82.105 Definitions for KRS 82.105 to 82.180.
As used in KRS 82.105 to 82.180, the following words and terms have the following
respective meanings unless it shall clearly appear from the context that another
meaning is intended:
(1) "City" means a city of any class;
(2) "Governing body" means the legislative body of a city;
(3) "Governmental agency" means the Commonwealth, the United States, or any
division, department, agency or instrumentality of either of them, including
agencies and instrumentalities in corporate form, whether created by legislative
enactment or organized as nonprofit corporations under general corporation
laws for the purpose of serving as agencies or instrumentalities of either of
them;
(4) "Governmental project" means any building, structure, installation, activity,
undertaking or program proposed by a governmental agency in furtherance of
any lawful governmental or proprietary function of a governmental agency;
(5) "Contract of inducement" means any contract, agreement, or offer and
acceptance, whereby a city agrees to provide an inducement to a
governmental agency, under authority of KRS 82.105 to 82.180, either (i) to
establish or locate in the city or its environs a governmental project which
might, but for such inducement, be established elsewhere, or not at all; or (ii) to
establish or locate upon one or more particular sites deemed by the city, acting
through its governing body, to be best situated in the interests of future city
planning and development, or otherwise in the best interests of the public
health, safety, welfare or convenience of the citizens and inhabitants of the city
and its environs, a governmental project otherwise chosen or under
consideration for establishment or location upon one or more other sites in or
near the same city;
(6) "Inducement" or "municipal inducement" means appropriation of public funds
derived from any source and not required by law to be applied, reserved or
appropriated to some other purpose, issuance of bonds and application of
bond and application of bond proceeds, and provision of any lands,
improvements or appurtenances authorized in KRS 82.105 to 82.180 to be
acquired, constructed, installed or undertaken by a city as an inducement for a
purpose authorized to be accomplished or promoted under the provisions of a
contract of inducement;
(7) "Revenue bonds" and "general obligation bonds" mean, respectively, the
bonds which a city is authorized in KRS 82.105 to 82.180 to issue under such
designations;
(8) "Bonds" or "bond proceeds," if unaccompanied by other designation, refer to
either revenue bonds or general obligation bonds, or both of them, and the
proceeds thereof, as the context may indicate.
History: Created 1962 Ky. Acts ch. 178, sec. 1.
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