(A) A non-profit corporation, to be known as the public properties corporation, is hereby created pursuant to KRS 58.1801 et seq. and KRS 273.161 et seq.
(B) The corporation shall have a perpetual existence and be formed for the purpose of acting as a governmental agency of holding company and shall be authorized to acquire real and personal property and borrow necessary funding, all in accordance with the direction of City Council and statutory powers available under KRS 273.171 and 58.180.
(C) The corporation shall have and exercise all of the powers available to non-profit corporations in the state pursuant to KRS Chapters 58 and 273.
(D) The use of the corporation assets and earnings shall be limited to use for the benefit of the city, and there shall be no debt limit.
(E) The initial incorporators and members of the Board of Directors shall be the Mayor and the current members of City Council. The members of the Board of Directors shall be the duly elected or appointed Mayor and City Council.
(F) The Articles of Incorporation shall include any provision necessary to protect the tax status of the corporation and any other provisions deemed and advisably necessary by the incorporators and their legal counsel to advance the purposes of the corporation as outlined in this section.
(G) The incorporator shall hold the incorporators and directors harmless from liability.
(Ord. 388-1988, passed 6-1-88)