(A) The city and the county hereby jointly create and establish the County-City Industrial Development Authority, Inc., and the City Mayor and County Judge/Executive are hereby expressly authorized to execute and file the attached proposed articles of incorporation of the County-City Industrial Development Authority, Inc. with the Secretary of State and County Clerk and take all other necessary actions as may be necessary to properly create and commence the existence of the County-City Industrial Development Authority, Inc. (the “Corporation”) as an agency and instrumentality and the constituted authority of the county and the city for the purposes set out in the articles of incorporation subject to the terms and conditions set out therein.
(B) (1) As set out in the attached articles of incorporation, hereby adopted and incorporated as part of this code of ordinances as fully as if set out at length herein, the County-City Industrial Development Authority, Inc. is organized solely for public, civic, and governmental purposes as provided in KRS 154.50-316 and other applicable law, and no private pecuniary profits shall at any time be derived by any directors or officers of the corporation or any other persons whomsoever.
(2) The County-City Industrial Development Authority, Inc. is hereby specifically granted all authority set forth in KRS 154.50-320.
(C) Upon the establishment of the County-City Industrial Development Authority, Inc. in accordance with KRS 154.50-326, one-half of the members of the Board of Directors of the Authority shall be appointed by the County Judge/Executive, and one-half of the members of the Board of Directors of the Authority shall be appointed by the City Mayor.
(D) This section shall be in full force and effect after adoption, signature and recordation by both the City Council and the County Fiscal Court.
(Ord. 787-12, passed 12-11-2012)