(A) The City of Midway hereby joins the City of Versailles and the Woodford County Fiscal Court as participating governmental units in the Woodford County Economic Development Authority (formerly Versailles-Woodford County Economic Development Authority) (hereinafter referred to as the Authority, with the term "Authority" having the same meaning as set forth in KRS 154.26-010(7) and 154.28-010(8)), an established joint industrial development authority as authorized by the Local Industrial Development Authority Act (KRS Chapters 154.26 and 154.28).
(B) The Authority shall have the same powers, duties and purposes as prescribed by the Act.
(C) The Authority shall consist of 7 individual members. Each member shall serve a term of 4 years.
(D) The City of Midway shall enter into an agreement with the City of Versailles and the Woodford County Fiscal Court, which agreement shall be approved by the Midway City Council and shall set forth the manner of appointment of the individual members of the authority as permitted by KRS 154.20-010 and such other matters as may be agreed upon by the participating governmental units and otherwise allowed by law.
(Ord. 04-06, passed 8-16-2004; Ord. 2004-10, passed 8-16-2004)