Kentucky Statutes 148.850 – Tourism Development Finance Authority created — Members — Terms — Conflicts of interest — Powers
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(1) The Tourism Development Finance Authority is created within the Tourism, Arts and Heritage Cabinet. The authority shall consist of nine (9) members appointed by the Governor, at least one (1) of whom shall represent individuals with professional experience in financial management or economic development. 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, and KRS § 148.851 to KRS § 148.860, including but not limited to the power to:
(a) 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
(b) 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 29, 2021
History: Amended 2021 Ky. Acts ch. 156, sec. 24, effective June 29, 2021. — Amended
2017 Ky. Acts ch. 132, sec. 2, effective June 29, 2017. — 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.
(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.
Terms Used In Kentucky Statutes 148.850
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Year: means calendar year. See Kentucky Statutes 446.010
(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, and KRS § 148.851 to KRS § 148.860, including but not limited to the power to:
(a) 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
(b) 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 29, 2021
History: Amended 2021 Ky. Acts ch. 156, sec. 24, effective June 29, 2021. — Amended
2017 Ky. Acts ch. 132, sec. 2, effective June 29, 2017. — 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.