91.760 Memberships, powers, and responsibilities of board. - Kentucky Statutes

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Page 1 of 1 91.760 Memberships, powers, and responsibilities of board. (1) 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. (2) 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. (3) 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. (4) 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. 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). 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. 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. 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. (5) In addition to receiving funds from assessments, the board of directors shall be authorized to receive grants, donations, and gifts. Effective: July 12, 2006
History: 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.