(A) In order to provide money for the purchase of property necessary to develop industrial sites, parks and subdivisions, the legislative body of the cities of Prestonsburg and Paintsville may make an annual appropriation from its general fund for such industrial development. Any appropriation shall be made by the legislative body in such amounts, in such proportion and upon such terms as the legislative bodies may determine. All funds derived from such appropriation shall be turned over to the Industrial Development Authority for the purpose of carrying out the duties and powers of the Authority.
(B) The Authority may borrow money on its own credit in anticipation of revenue to be derived from appropriation or other income. For such purposes the Authority may pledge the appropriations or income anticipated. The Authority may pledge the industrial sites, parks and subdivisions as security for monies borrowed.
(C) The Authority may 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 and 103.285.
(D) 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 Chapter 58 and under the law the term GOVERNMENTAL AGENCYmeans the Authority and the term PUBLIC PROJECTmeans industrial sites, parks and subdivisions.
(Ord. 87-04, passed 4-2-87)