AN ACT relating to economic development.

UNOFFICIAL COPY 26 RS BR 2314
Page 1 of 1
XXXX 2/27/2026 7:46 AM Jacketed
AN ACT relating to economic development. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
Section 1. KRS 154.50-336 is amended to read as follows: 3
(1) Members of the authority shall serve without compensation but shall be reimbursed 4
for any actual and necessary expenses incurred by them in the conduct of the affairs 5
of the authority. The authority shall, upon the appointment of its members, organize 6
and elect officers. The authority shall choose a chairman and vice chairman who 7
shall serve for terms of one (1) year. The authority may fix a salary for the 8
secretary-treasurer, and the se cretary-treasurer shall execute an official bond to be 9
set and approved by the authority, and the cost thereof shall be paid by the 10
authority. 11
(2) The authority may employ necessary counsel, agents and employees to carry out its 12
work and functions and prescribe such rules and regulations as it deems necessary. 13
(3) The secretary-treasurer shall keep the minutes of all meetings of the authority and 14
shall also keep a set of books showing the receipts and expenditures of the 15
authority. He or she shall preserve on file duplicate vouchers for all expenditures 16
and shall present to the authority, upon request, complete reports of all financial 17
transactions and the financial condition of the authority. Such books and vouchers 18
shall at all times be subject to examinat ion by the legislative body or bodies by 19
whom the authority was created. He or she shall transmit at least once annually a 20
detailed report of all acts and doings of the authority to the legislative body or 21
bodies by whom the authority was created. 22