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ARTICLE IV. INDUSTRIAL DEVELOPMENT AUTHORITY
The industrial development authority shall be composed of six (6) members, one of which shall be the mayor. The other five (5) members shall be appointed by the mayor for terms of four (4) years; provided, that in making the initial appointments, the mayor shall appoint two (2) members for terms of four (4) years, one (1) member for a term of three (3) years, one (1) member for a term of two (2) years, and one (1) member for a term of one (1) year. The members of the industrial authority shall reside within the corporate limits of the city, or within three (3) miles thereof.
(Ord. No. 18.86, § 2, 11-25-86)
(A) The members of the industrial authority shall choose a chairman and a vice-chairman who shall serve for terms of one (1) year. The industrial authority may elect other officers, hold meetings and establish rules and regulations as necessary and proper for the carrying on of its functions.
(B) The industrial authority shall have the purposes, duties and powers as specified in KRS 154.50-313 to 154.50-346.
(C) The industrial authority shall prepare an operating budget for each fiscal year, and shall submit such budget to the city council for approval not less than two (2) months prior to the commencement of each fiscal year, along with a report of the operation of the authority during the preceding year.
(Ord. No. 18.86, § 3, 11-25-86)
The industrial development authority may establish, by such rules and regulations as it may deem proper, a method for private individuals and businesses to be associate members of the industrial development authority by meeting the requirements as may be established by the authority.
(Ord. No. 18.86, § 4, 11-25-86)
ARTICLE VI. OTHER BOARDS
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