2021 Kentucky Revised Statutes Chapter 91 - Finance and revenue of cities of the first class 91.760 Memberships, powers, and responsibilities of board.
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91.760 Memberships, powers, and responsibilities of board.
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The management district shall constitute a body corporate with the power to sue and
be sued, and to contract, and shall be controlled by a board of directors.
The number of members of the board of directors, their terms and qualifications,
shall be established by the ordinance creating the district. All members of the board
shall be property owners, representatives of property owners, or tenants within the
district, except for specified ex officio members designated in the local ordinance.
At least two-thirds (2/3) of the total number of board members, including ex officio
members, must be property owners or the representatives of property owners within
the district. The board members shall be appointed by the executive authority of the
city, consolidated local government, or urban-county, with the approval of the
legislative body. A board member may be removed by the executive authority for
violation of the rules, regulations, or operating procedures adopted by the board of
directors if the removal is recommended by a majority of the members of the board
of directors.
The powers of the board of directors shall include all powers set forth in KRS
91.750 to 91.762 and the ordinance establishing the management district. The board
of directors may employ or contract with persons to assist it in its responsibilities.
(a) The board of directors shall manage the fiscal affairs of the management
district and shall adopt rules and regulations governing the investment and
disbursement of funds.
(b) The board of directors may borrow money on a short-term or long-term basis
as required. The total aggregate amount of long-term and short-term debt
which may be carried by a management district shall not exceed five hundred
thousand dollars ($500,000).
(c) The board of directors may hold funds in the name of the management district
or may designate the city, consolidated local government, or urban-county as
the fiscal agent for the management district.
(d) Money derived from the assessments imposed pursuant to KRS 91.750 to
91.762 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 of directors
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 of directors shall be
authorized to receive grants, donations, and gifts.
Effective: March 21, 2013
History: Amended 2013 Ky. Acts ch. 40, sec. 37, effective March 21, 2013. -Amended 2006 Ky. Acts ch. 47, sec. 3, effective July 12, 2006. -- Amended 2005
Ky. Acts ch. 119, sec. 6, effective June 20, 2005. -- Amended 1996 Ky. Acts ch. 123,
sec. 6, effective July 15, 1996. -- Created 1990 Ky. Acts ch. 297, sec. 6, effective
July 13, 1990.
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