154.50.330 Withdrawal by governmental unit -- Dissolution of authority. - Kentucky Statutes

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154.50-330 Withdrawal by governmental unit -- Dissolution of authority. (1) In the event that a joint industrial development authority is created by cities and/or counties, and thereafter a city or cities or county or counties desire to withdraw
from participation, then the remaining participants may jointly choose a successor
member or members of the authority. No such withdrawing city or cities or county
or counties shall be entitled to the return of any money or property advanced such
authority. (2) Notwithstanding the provisions of subsection (1) of this section, any cities and/or counties which have established a joint industrial development authority as
provided for herein, may provide by a mutual written agreement between such cities
and/or counties, and the joint industrial development authority, that such joint
industrial development authority may be dissolved and may further provide that
upon such complete termination, all funds, property and other assets held by the
joint industrial development authority shall be returned to such cities and/or
counties in the same proportion as contributions of funds, property and other assets
were made by such cities and/or counties. This section shall not apply and no
dissolution shall be made until such time as all legal obligations of the joint
industrial development authority shall be satisfied and all existing commitments
fulfilled. Effective: June 17, 1978
History: Amended 1978 Ky. Acts ch. 384, sec. 42, effective June 17, 1978. -- Created 1970 Ky. Acts ch. 114, sec. 7. Formerly codified as KRS 152.870