The authority's power is subject to the following:
(1) The authority shall not incur indebtedness in excess of its operating budget, which must be approved by the urban county council.
(2) The authority shall have a fiscal year from July 1 to June 30, with its first year to run from the time it is organized through the following June 30.
(3) The authority shall maintain business records of its management, operation, receipts, disbursements and acquisition and disposition of realty in the manner provided by KRS 154.50-336. The authority shall be subjected to annual audit as part of the Lexington-Fayette Urban County Government's audit.
(4) The authority shall prepare an operating budget for each fiscal year. The authority shall submit its proposed budget to the urban county council for review and approval not less than sixty (60) days prior to the commencement of the fiscal year.
(5) The authority shall operate consistent with public policies provided by:
(a) The comprehensive plan;
(b) Zoning designated to identify potential industrial and commercial sites and protect them against types of development that would lessen their attractiveness or their compatibility with surrounding uses; and
(c) Provision of adequate governmental facilities to serve industrial sites.
(Ord. No. 87-2018 , § 1, 11-1-18)