148.850 Tourism Development Finance Authority created -- Members -- Terms --

342 words·~2 min read·/ky/148-850

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Conflicts of interest -- Powers.

(1)The Tourism Development Finance Authority is created within the Tourism, Arts

and Heritage Cabinet. The authority shall consist of nine

(9)members appointed by

the Governor, at least one

(1)of whom shall represent individuals with professional

experience in financial management or economic development. The members of the

authority shall serve without compensation but shall be entitled to reimbursement

for their necessary expenses incurred in performing their duties. Of the members

initially appointed to the authority, two

(2)members shall be appointed for terms of

one

(1)year, three

(3)members shall be appointed for terms of two

(2)years, and

two

(2)members shall be appointed for terms of three

(3)years. Thereafter, the

members of the authority shall be appointed for terms of four

(4)years.

(2)The Governor shall appoint one

(1)member as chairperson of the Tourism

Development Finance Authority. The members of the authority may elect other

officers as they deem necessary.

(3)No member of the Tourism Development Finance Authority shall either directly or

indirectly be a party to, or be in any manner interested in, any contract or agreement

with the authority for any matter, cause, or thing that creates any liability or

indebtedness against the authority.

(4)The Tourism Development Finance Authority shall have the powers necessary to

carry out the purposes of this section, KRS 139.536, and KRS 148.851 to 148.860,

including but not limited to the power to:

(a)Employ fiscal consultants, attorneys, appraisers, and other agents on behalf of

the authority whom the authority deems necessary or convenient for the

preparation and administration of agreements and documents necessary or

incidental to any project. The fees for the services provided by persons

employed on behalf of the authority shall be paid by the beneficiary of a loan

under this program directly to the person providing consultation, advisory,

legal, or other services; and

(b)Impose and collect fees and charges in connection with any transaction and

provide for reasonable penalties for delinquent payment of fees and charges.