148.850 Tourism Development Finance Authority created -- Members -- Terms -- Conflicts of interest -- Powers. - Kentucky Statutes

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Page 1 of 1 148.850 Tourism Development Finance Authority created -- Members -- Terms -- Conflicts of interest -- Powers. (1) The Tourism Development Finance Authority is created within the Tourism, Arts and Heritage Cabinet. The authority shall consist of seven (7) members appointed
by the Governor. The members of the authority shall serve without compensation
but shall be entitled to reimbursement for their necessary expenses incurred in
performing their duties. Of the members initially appointed to the authority, two (2)
members shall be appointed for terms of one (1) year, three (3) members shall be
appointed for terms of two (2) years, and two (2) members shall be appointed for
terms of three (3) years. Thereafter, the members of the authority shall be appointed
for terms of four (4) years. (2) The Governor shall appoint one (1) member as chairperson of the Tourism Development Finance Authority. The members of the authority may elect other
officers as they deem necessary. (3) No member of the Tourism Development Finance Authority shall either directly or indirectly be a party to, or be in any manner interested in, any contract or agreement
with the authority for any matter, cause, or thing that creates any liability or
indebtedness against the authority. (4) The Tourism Development Finance Authority shall have the powers necessary to carry out the purposes of this section, KRS 139.536, KRS 148.851 to 148.860, and
the Tourism Development Loan Program created by 2000 Ky. Acts ch. 549, Part IX,
Section 47, including but not limited to the power to:
(a) Make and condition all loans from the Tourism Development Loan Program;
(b) Employ fiscal consultants, attorneys, appraisers, and other agents on behalf of the authority whom the authority deems necessary or convenient for the
preparation and administration of agreements and documents necessary or
incidental to any project. The fees for the services provided by persons
employed on behalf of the authority shall be paid by the beneficiary of a loan
under this program directly to the person providing consultation, advisory,
legal, or other services; and (c) Impose and collect fees and charges in connection with any transaction and provide for reasonable penalties for delinquent payment of fees and charges. Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 16, sec. 26, effective June 25, 2009. -- Amended 2005 Ky. Acts ch. 95, sec. 23, effective June 20, 2005. -- Created 2001 Ky. Acts
ch. 1, sec. 1, effective June 21, 2001.