Kentucky Statutes 154.50-316 – Establishment of local industrial development authority
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(1) Any governmental unit by act of its legislative body may establish a nonprofit industrial development authority to be composed of not less than six (6) and not more than eight (8) members.
(2) The authority shall be a body politic and corporate with the usual corporate attributes and in its corporate name may sue and be sued, contract and be contracted with, and do all things reasonable or necessary to effectively carry out the duties prescribed by KRS § 154.50-301 to KRS § 154.50-346.
Effective: July 15, 2002
History: Amended 2002 Ky. Acts ch. 104, sec. 1, effective July 15, 2002. — Created
1970 Ky. Acts ch. 114, sec. 4.
Formerly codified as KRS § 152.830
(2) The authority shall be a body politic and corporate with the usual corporate attributes and in its corporate name may sue and be sued, contract and be contracted with, and do all things reasonable or necessary to effectively carry out the duties prescribed by KRS § 154.50-301 to KRS § 154.50-346.
Terms Used In Kentucky Statutes 154.50-316
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Contract: A legal written agreement that becomes binding when signed.
Effective: July 15, 2002
History: Amended 2002 Ky. Acts ch. 104, sec. 1, effective July 15, 2002. — Created
1970 Ky. Acts ch. 114, sec. 4.
Formerly codified as KRS § 152.830