82.105 Definitions for KRS 82.105 to 82.180. - Kentucky Statutes

Download pdf

Loading PDF...

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.