The legislative bodies of both city and county may make an annual appropriation from its general fund to the Authority for industrial development. All funds derived from the appropriations shall be turned over to the Authority for the purpose of carrying out the duties and powers of the Authority.
(A) The Authority may borrow money on its own credit in anticipation of revenue to be derived from appropriations or other income. For those purposes, the Authority may pledge the appropriations or income anticipated. The Authority may pledge the industrial sites or other assets as security for monies borrowed.
(B) The Authority is authorized to defray the cost of acquiring and developing industrial sites through the issuance of revenue bonds issued under the terms, conditions and procedures set forth in KRS 103.200 to 103.285.
(C) 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 the law the term
GOVERNMENTAL AGENCY shall mean the Authority and the term PUBLIC PROJECT shall mean industrial sites, parks and subdivisions.
(2000 Code, § 2-57)