(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)