Kentucky Statutes 154.50-336 – Authority officers, employees — Expenses of members
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(1) Members of the authority shall serve without compensation but shall be reimbursed for any actual and necessary expenses incurred by them in the conduct of the affairs of the authority. The authority shall, upon the appointment of its members, organize and elect officers. The authority shall choose a chairman and vice chairman who shall serve for terms of one (1) year. The authority may fix a salary for the secretary-treasurer, and the secretary-treasurer shall execute an official bond to be set and approved by the authority, and the cost thereof shall be paid by the authority.
(2) The authority may employ necessary counsel, agents and employees to carry out its work and functions and prescribe such rules and regulations as it deems necessary.
(3) The secretary-treasurer shall keep the minutes of all meetings of the authority and shall also keep a set of books showing the receipts and expenditures of the authority. He shall preserve on file duplicate vouchers for all expenditures and shall present to the authority, upon request, complete reports of all financial transactions and the financial condition of the authority. Such books and vouchers shall at all times be subject to examination by the legislative body or bodies by whom the authority was created. He shall transmit at least once annually a detailed report of all acts and doings of the authority to the legislative body or bodies by whom the authority was created.
History: Created 1970 Ky. Acts ch. 114, sec. 9.
Formerly codified as KRS § 152.890
(2) The authority may employ necessary counsel, agents and employees to carry out its work and functions and prescribe such rules and regulations as it deems necessary.
Terms Used In Kentucky Statutes 154.50-336
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Year: means calendar year. See Kentucky Statutes 446.010
(3) The secretary-treasurer shall keep the minutes of all meetings of the authority and shall also keep a set of books showing the receipts and expenditures of the authority. He shall preserve on file duplicate vouchers for all expenditures and shall present to the authority, upon request, complete reports of all financial transactions and the financial condition of the authority. Such books and vouchers shall at all times be subject to examination by the legislative body or bodies by whom the authority was created. He shall transmit at least once annually a detailed report of all acts and doings of the authority to the legislative body or bodies by whom the authority was created.
History: Created 1970 Ky. Acts ch. 114, sec. 9.
Formerly codified as KRS § 152.890