Kentucky Statutes 91.760 – Memberships, powers, and responsibilities of board
Current as of: 2024 | Check for updates
|
Other versions
(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 a board of directors.
(2) The number of members of the board of directors, their terms and qualifications, shall be established by the ordinance creating the district. All members of the board shall be property owners, representatives of property owners, or tenants within the district, except for specified ex officio members designated in the local ordinance. At least two-thirds (2/3) of the total number of board members, including ex officio members, must be property owners or the representatives of property owners within the district. The board members shall be appointed by the executive authority of the city, consolidated local government, or urban-county, with the approval of the legislative body. A board member may be removed by the executive authority for violation of the rules, regulations, or operating procedures adopted by the board of directors if the removal is recommended by a majority of the members of the board of directors.
(3) The powers of the board of directors shall include all powers set forth in KRS
91.750 to 91.762 and the ordinance establishing the management district. The board of directors may employ or contract with persons to assist it in its responsibilities.
(4) (a) The board of directors shall manage the fiscal affairs of the management district and shall adopt rules and regulations governing the investment and disbursement of funds.
(b) The board of directors may borrow money on a short-term or long-term basis as required. The total aggregate amount of long-term and short-term debt which may be carried by a management district shall not exceed five hundred thousand dollars ($500,000).
(c) The board of directors may hold funds in the name of the management district or may designate the city, consolidated local government, or urban-county as the fiscal agent for the management district.
(d) Money derived from the assessments imposed pursuant to KRS § 91.750 to
91.762 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 of directors 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 of directors shall be authorized to receive grants, donations, and gifts.
Effective: March 21, 2013
History: Amended 2013 Ky. Acts ch. 40, sec. 37, effective March 21, 2013. — Amended 2006 Ky. Acts ch. 47, sec. 3, effective July 12, 2006. — Amended 2005
Ky. Acts ch. 119, sec. 6, effective June 20, 2005. — Amended 1996 Ky. Acts ch. 123, sec. 6, effective July 15, 1996. — Created 1990 Ky. Acts ch. 297, sec. 6, effective
July 13, 1990.
(2) The number of members of the board of directors, their terms and qualifications, shall be established by the ordinance creating the district. All members of the board shall be property owners, representatives of property owners, or tenants within the district, except for specified ex officio members designated in the local ordinance. At least two-thirds (2/3) of the total number of board members, including ex officio members, must be property owners or the representatives of property owners within the district. The board members shall be appointed by the executive authority of the city, consolidated local government, or urban-county, with the approval of the legislative body. A board member may be removed by the executive authority for violation of the rules, regulations, or operating procedures adopted by the board of directors if the removal is recommended by a majority of the members of the board of directors.
Terms Used In Kentucky Statutes 91.760
- City: includes town. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Ex officio: Literally, by virtue of one's office.
- 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 of directors shall include all powers set forth in KRS
91.750 to 91.762 and the ordinance establishing the management district. The board of directors may employ or contract with persons to assist it in its responsibilities.
(4) (a) The board of directors shall manage the fiscal affairs of the management district and shall adopt rules and regulations governing the investment and disbursement of funds.
(b) The board of directors may borrow money on a short-term or long-term basis as required. The total aggregate amount of long-term and short-term debt which may be carried by a management district shall not exceed five hundred thousand dollars ($500,000).
(c) The board of directors may hold funds in the name of the management district or may designate the city, consolidated local government, or urban-county as the fiscal agent for the management district.
(d) Money derived from the assessments imposed pursuant to KRS § 91.750 to
91.762 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 of directors 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 of directors shall be authorized to receive grants, donations, and gifts.
Effective: March 21, 2013
History: Amended 2013 Ky. Acts ch. 40, sec. 37, effective March 21, 2013. — Amended 2006 Ky. Acts ch. 47, sec. 3, effective July 12, 2006. — Amended 2005
Ky. Acts ch. 119, sec. 6, effective June 20, 2005. — Amended 1996 Ky. Acts ch. 123, sec. 6, effective July 15, 1996. — Created 1990 Ky. Acts ch. 297, sec. 6, effective
July 13, 1990.