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91A.575 Powers and duties of the management district board.
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(2)
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(5)
The management district shall constitute a body corporate with the power to sue and
be sued, and to contract, and shall be controlled by the board.
The number of members of the board, their terms and qualifications, shall be
established by the ordinance creating the district. No fewer than a majority of the
board shall be property owners within the district. The board members shall be
appointed by the mayor of the city, with the approval of the legislative body.
The powers of the board shall include all powers set forth in KRS 91A.550 to
91A.580 and the ordinance establishing the management district. The board may
employ or contract with persons to assist it in its responsibilities.
(a) The board shall manage the fiscal affairs of the management district and shall
adopt regulations governing the investment and disbursement of funds.
(b) The board may borrow money on a short-term basis as required.
(c) The board may hold funds in the name of the management district or may
designate the city as the fiscal agent for the management district.
(d) Money derived from the assessments imposed pursuant to KRS 91A.550 to
91A.580 shall be used only for economic improvements and the cost of
administration of the management district and shall be used for no other
purposes.
(e) As soon as practicable after the close of the fiscal year, the board shall cause
an audit to be performed of all funds of the management district by a certified
public accountant.
(f) The board shall comply with the provisions of KRS 65A.010 to 65A.090.
In addition to receiving funds from assessments, the board shall be authorized to
receive grants, donations, and gifts.
Effective: March 21, 2013
History: Amended 2013 Ky. Acts ch. 40, sec. 43, effective March 21, 2013. -- Created
1990 Ky. Acts ch. 226, sec. 6, effective July 13, 1990.
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