(A) There is hereby created a fund to be known as the Industrial Fund, which fund shall be used for the purposes of financing and exercising the powers provided for in this subchapter. The funds shall consist of those sums of money as may be hereafter appropriated and provided for by the City Councils and Woodford Fiscal Court, and of all rentals, interest, income, dividends, earnings and monies available from the sale, lease, conveyance or other disposition of any property acquired pursuant to the powers exercised by the Authority under the terms of this subchapter, and other sums as may be provided for by ordinance or Kentucky Revised Statutes.
(B) The Authority shall publish annually in a newspaper of general circulation in the county a true financial statement of the Authority’s Fund established herein, and shall cause all accounts, records and books concerning the management, operation and disbursement of the Fund and of properties acquired thereby to be audited in the manner provided for by statute for the audit of public funds.
(C) The Authority shall prepare an operating budget for each fiscal year, and shall submit the budget to the City Councils and Woodford Fiscal Court for approval not less than 3 months prior to the commencement of the fiscal year, which shall be from July 1 to June 30.
(D) This subchapter shall be effective upon execution of the parties hereto and the approval of the Kentucky Department for Local Government. This subchapter shall remain in effect until terminated pursuant to the Act.
(Ord. 1-85, passed 3-12-1985; Am. Ord. passed 10-22-2004)