Kentucky Statutes 91A.575 – Powers and duties of the management district board
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(1) The management district shall constitute a body corporate with the power to sue and be sued, and to contract, and shall be controlled by the board.
(2) The number of members of the board, their terms and qualifications, shall be established by the ordinance creating the district. No fewer than a majority of the board shall be property owners within the district. The board members shall be appointed by the mayor of the city, with the approval of the legislative body.
(3) The powers of the board shall include all powers set forth in KRS § 91A.550 to
91A.580 and the ordinance establishing the management district. The board may employ or contract with persons to assist it in its responsibilities.
(4) (a) The board shall manage the fiscal affairs of the management district and shall adopt regulations governing the investment and disbursement of funds.
(b) The board may borrow money on a short-term basis as required.
(c) The board may hold funds in the name of the management district or may designate the city as the fiscal agent for the management district.
(d) Money derived from the assessments imposed pursuant to KRS § 91A.550 to
91A.580 shall be used only for economic improvements and the cost of administration of the management district and shall be used for no other purposes.
(e) As soon as practicable after the close of the fiscal year, the board shall cause an audit to be performed of all funds of the management district by a certified public accountant.
(f) The board shall comply with the provisions of KRS § 65A.010 to KRS § 65A.090.
(5) In addition to receiving funds from assessments, the board shall be authorized to receive grants, donations, and gifts.
Effective: March 21, 2013
History: Amended 2013 Ky. Acts ch. 40, sec. 43, effective March 21, 2013. — Created
1990 Ky. Acts ch. 226, sec. 6, effective July 13, 1990.
(2) The number of members of the board, their terms and qualifications, shall be established by the ordinance creating the district. No fewer than a majority of the board shall be property owners within the district. The board members shall be appointed by the mayor of the city, with the approval of the legislative body.
Terms Used In Kentucky Statutes 91A.575
- City: includes town. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(3) The powers of the board shall include all powers set forth in KRS § 91A.550 to
91A.580 and the ordinance establishing the management district. The board may employ or contract with persons to assist it in its responsibilities.
(4) (a) The board shall manage the fiscal affairs of the management district and shall adopt regulations governing the investment and disbursement of funds.
(b) The board may borrow money on a short-term basis as required.
(c) The board may hold funds in the name of the management district or may designate the city as the fiscal agent for the management district.
(d) Money derived from the assessments imposed pursuant to KRS § 91A.550 to
91A.580 shall be used only for economic improvements and the cost of administration of the management district and shall be used for no other purposes.
(e) As soon as practicable after the close of the fiscal year, the board shall cause an audit to be performed of all funds of the management district by a certified public accountant.
(f) The board shall comply with the provisions of KRS § 65A.010 to KRS § 65A.090.
(5) In addition to receiving funds from assessments, the board shall be authorized to receive grants, donations, and gifts.
Effective: March 21, 2013
History: Amended 2013 Ky. Acts ch. 40, sec. 43, effective March 21, 2013. — Created
1990 Ky. Acts ch. 226, sec. 6, effective July 13, 1990.