(A) A nonprofit, nonstock corporation is hereby established pursuant to the provisions of KRS 273.161 through 273.390 to be known as the "City of Florence, Kentucky, Public Properties Corporation" (the "Corporation") to have and exercise the purposes and powers as may exist from time to time under its Articles of Incorporation.
(B) The Articles of Incorporation of the Corporation are approved and authorized substantially in the form attached to Ord. O-30-86 as Exhibit A (said Exhibit A to be hereby incorporated by reference as if fully set forth herein), which Articles of Incorporation may be amended subject to approval pursuant to an order or resolution of this City Council.
(C) The Directors of the Corporation shall be as set forth in Articles of Incorporation.
(Ord. O-30-86, passed 10-28-86)