154.50.340 Authority's power to receive appropriations and to finance by borrowing or by issuance of revenue bonds. - Kentucky Statutes

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Page 1 of 1 154.50-340 Authority's power to receive appropriations and to finance by borrowing or by issuance of revenue bonds. (1) In order to provide money for the purchase of property necessary to develop industrial sites, parks, and subdivisions, the legislative body of any governmental
unit creating the industrial development authority under KRS 154.50-301 to 154.50-
346 may make an annual appropriation from its general fund for such industrial
development. Any appropriation shall be made by the legislative body in such
amounts, in such proportion, and upon such terms as the legislative body may
determine. All funds derived from such appropriation shall be turned over to the
industrial development authority for the purpose of carrying out the duties and
powers of the authority. (2) The authority may borrow money and issue notes and other financial instruments on its own credit. The authority may pledge the appropriations or income anticipated,
or the industrial sites, parks, and subdivisions, or both, as security for its debts. (3) The authority is authorized to defray the cost of acquiring and developing any industrial sites, parks, and subdivisions through the issuance of revenue bonds
issued under the terms, conditions, and procedures set forth in KRS 103.200 to
103.285. (4) The authority may, as an alternative method and in addition to all other methods provided by law, acquire and develop land for industrial and commercial use, and
issue revenue bonds in connection therewith under the terms and provisions of KRS
Chapter 58; and under said law the term "governmental agency" means the authority
and the term "public project" means industrial sites, parks, and subdivisions. Effective: July 15, 1994
History: Amended 1994 Ky. Acts ch. 199, sec. 3, effective July 15, 1994. -- Created 1970 Ky. Acts ch. 114, sec. 10. Formerly codified as KRS 152.900