(A) Appropriations. In order to provide money for the purchase of property, the development of industrial sites, parks and subdivisions and to otherwise carry out the purposes of this article, the Board of Commissioners may make annual appropriations from the city’s General Fund or other designated funds for the industrial development. Any appropriations shall be made in amounts, in proportions and upon the terms as the Board of Commissioners may from time to time agree upon. All funds derived from the appropriations shall be turned over to the Authority for the purpose of carrying out its duties and powers under this article.
(B) Security for moneys borrowed. The Authority may borrow money on its own credit in anticipation of revenue to be derived from appropriations or other income anticipated. The Authority may likewise pledge the industrial sites, parks and subdivisions as security for moneys borrowed.
(C) Cost defrayed. The Authority is authorized to defray the cost of acquiring and developing any industrial sites, parks and subdivisions through the issuance of revenue bonds issued under the terms, conditions and procedures set forth in KRS 103.200 through 103.285.
(D) Alternative methods. 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 Ch. 58; and under the law, the term GOVERNMENTAL AGENCY means the Authority and the term PUBLIC PROJECT means industrial sites, parks and subdivisions.
(1977 Code, § 9.1-27) (Ord. 78-22, passed 7-10-1978)
Statutory reference:
Similar provisions, see KRS 154.50-340