Find Legal Information

148.850 Tourism Development Finance Authority created -- Members -- Terms -- Conflicts of interest -- Powers.

Download pdf

Page 1 of 1 148.850 Tourism Development Finance Authority created -- Members -- Terms -- Conflicts of interest -- Powers. (1) The Tourism Development Finance Authority is created within the Tourism, Arts and Heritage Cabinet. The authority shall consist of seven (7) members appointed <br>by the Governor. The members of the authority shall serve without compensation <br>but shall be entitled to reimbursement for their necessary expenses incurred in <br>performing their duties. Of the members initially appointed to the authority, two (2) <br>members shall be appointed for terms of one (1) year, three (3) members shall be <br>appointed for terms of two (2) years, and two (2) members shall be appointed for <br>terms of three (3) years. Thereafter, the members of the authority shall be appointed <br>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 <br>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 <br>with the authority for any matter, cause, or thing that creates any liability or <br>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, KRS 148.851 to 148.860, and <br>the Tourism Development Loan Program created by 2000 Ky. Acts ch. 549, Part IX, <br>Section 47, including but not limited to the power to: <br>(a) Make and condition all loans from the Tourism Development Loan Program; <br>(b) Employ fiscal consultants, attorneys, appraisers, and other agents on behalf of the authority whom the authority deems necessary or convenient for the <br>preparation and administration of agreements and documents necessary or <br>incidental to any project. The fees for the services provided by persons <br>employed on behalf of the authority shall be paid by the beneficiary of a loan <br>under this program directly to the person providing consultation, advisory, <br>legal, or other services; and (c) Impose and collect fees and charges in connection with any transaction and provide for reasonable penalties for delinquent payment of fees and charges. Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 16, sec. 26, effective June 25, 2009. -- Amended 2005 Ky. Acts ch. 95, sec. 23, effective June 20, 2005. -- Created 2001 Ky. Acts <br>ch. 1, sec. 1, effective June 21, 2001.