(A) A joint non-profit industrial development authority pursuant to KRS 154.50-316 be established with the county and city as joint creators of the authority and said authority shall be a body politic and corporate with the usual corporate attributes, and in its corporate name, may sue and be sued, contract and be contracted within and do all things reasonable or necessary to effectively carry out the duties prescribed by KRS 154.50-301 to 154.50-346.
(B) The Joint Industrial Development Authority (non-profit) is established with the following terms and conditions.
(1) The county and the city shall enact ordinances agreeing to the establishment of this non-profit Joint Industrial Development Authority.
(2) The county and the city shall execute a written agreement with all three parties and the Joint Industrial Development Authority that the authority may be dissolved and upon such complete termination, all funds, property and other assets held by the Joint Industrial Authority shall be returned to the City of Nicholasville, the county and the City of Wilmore are in the same proportion as contributions of funds, property and other assets were made by such cities and county.
(3) (a) Six members of the authority shall serve for a term of four years each, and until their successors are appointed or qualified with initial appointments to be made so that: two members are appointed for two years; two members are appointed for three years; two members are appointed for four years. No members shall be appointed for two successive terms.
(b) The county’s Judge Executive shall appoint three members of the authority (two members for two-year terms and one member for a three-year term), the Mayor of Nicholasville shall appoint two members of the authority (two members for four-year terms) and the Mayor of Wilmore shall appoint one member of the authority (one member for a three-year term).
(c) Upon expiration of these staggered terms, successors shall be appointed by the appointing authorities as set forth herein (three by the county’s Judge Executive, two by the Mayor of the City of Nicholasville and one by Mayor of the City of Wilmore) for terms of four years.
(4) The authority shall file all minutes with the county’s Clerk and the Nicholasville City Clerk and the Wilmore City Clerk within ten days of each meeting and shall provide for approval of all governmental agencies a copy of any budget of the authority not less than 90 days before the beginning of the fiscal year of the authority.
(5) All funds of the authority shall be placed in federally insured accounts and be audited annually by a CPA with the report audit to be submitted to the governmental agencies within 15 days of completion by the Auditor. At least two signatures of members of the authority shall be required for disbursement of funds over $300 with a bond to be acquired as to those members entrusted with disbursement of funds.
(6) The authority shall submit annually, not later than 30 days after the end of each fiscal year, all receipts and disbursements of any kind, all assets owned by the authority and all indebtedness of the authority with each item specifically identified.
(7) The authority for the establishment of this joint non-profit industrial development authority is KRS 154.50-316 and all applicable law. The city reserves the right to cancel its participation in this joint industrial development at any time.
(8) The joint non-profit industrial development authority shall be named the “Jessamine County Joint Economic Development Authority” and the appointed members shall perform all duties and powers permitted by commonwealth law under KRS Ch. 154.
(Ord. 398-93, passed 8-16-1993)