[HISTORY: Adopted by the Town Council of the Town of Elkton as indicated in article histories. Amendments noted where applicable.]
Article I Park Authority
Article II Industrial Development Authority
In accordance with the provisions of the Park Authorities Act of the State of Virginia, Chapter 57 of Title 15.2 of the Code of Virginia, as amended, the Town of Elkton, Virginia, does hereby create a park authority to be known as the "Elkton Park Authority" (hereinafter referred to as "the Authority").
The purposes for which the Authority is created are:
To examine the need for park facilities and the availability of desirable park sites in the Town of Elkton.
To acquire, maintain and operate parks and park facilities in the Town of Elkton.
To arrange for the maintenance and operation of parks and park facilities in the Town of Elkton by the State of Virginia, the United States government or any park authority or park commission with which it may agree.
The Authority shall enjoy all the powers authorized under the Park Authorities Act and shall continue in existence until August 20, 2031, unless the Town Council of Elkton provides for an earlier termination, provided that the existence of the Authority may not be terminated after any obligation has been incurred by the Authority and while any such obligation remains binding unless the Town Council of Elkton, Virginia, agrees to assume and pay said obligation.
The Authority shall have six members, who shall be appointed by the Town Council in accordance with the Park Authorities Act. The members of the Authority shall elect one of their members Chair of the Authority and shall elect a secretary and a treasurer who need not be members of the Authority. The office of secretary and treasurer may be combined.
The Authority may maintain an office or offices at such place as it may designate. The principal office shall be in Elkton, Virginia.
All monies received by the Authority shall be deemed to be trust funds, to be held and applied solely as provided in Chapter 57 of Title 15.2 of the Code of Virginia (1950), as amended. The Authority shall designate a fiscal agent to act as a trustee of all monies as it shall receive. The trustee shall hold such monies for the purpose enumerated in Chapter 57 of Title 15.2 of the Code of Virginia (1950), as amended, and in this article and shall disburse the same only upon the duly adopted resolution of the Authority.
If any part, paragraph, section, subsection, sentence, clause or phrase of this article is held to be invalid by a court of competent jurisdiction, such decision shall not affect the validity of the remaining portions of this article, which shall remain in full force and effect as if this article had been passed with the invalid part or parts, section, subsection, sentence, clause, or phrase hereof omitted, and this Council now declares that it would have adopted this article if such invalid paragraph, part, parts, section, subsection, sentence, clause or phrase had not been included herein.
There is hereby created a political subdivision of the Commonwealth of Virginia with such public and corporate powers as are set forth in the Industrial Development and Revenue Bond Act [Chapter 49, Title 15.2, of the Code of Virginia (1950), as amended], including such powers as may hereafter be granted from time to time by the General Assembly of Virginia.
The name of the political subdivision of the Commonwealth created hereby shall be the Industrial Development Authority of the Town of Elkton, Virginia, hereafter referred to in this chapter as the "Authority."
The Authority shall be governed by a Board of Directors in which all powers of the Authority shall be vested and which shall be composed of seven directors, appointed by the Elkton Town Council. The seven directors shall be appointed initially for terms of one, two, three and four years; two being appointed for one-year terms; two being appointed for two-year terms; two being appointed for three-year terms and one being appointed for a four-year term. Subsequent appointments shall be for terms of four years, except appointments to fill vacancies, which shall be for the unexpired terms. All terms of office shall be deemed to commence upon the date of the initial appointment to the Authority, and thereafter, in accordance with the provisions of the immediately preceding sentence. If at the end of any term of office of any director a successor thereto has not been appointed, then the director whose term of office has expired shall continue to hold office until his successor is appointed and qualified. At any given time, the Authority's board may contain no more than three members who are also members of the Town Council or employees of the Town of Elkton.
Every director shall at the time of appointment, and thereafter, reside in the Town of Elkton or an adjoining locality. When a director ceases to be a resident of the Town or an adjoining locality, that director's office shall become vacant and a new director may be appointed for the remainder of the term.
The directors shall elect from their membership a Chair, a Vice-Chair, and from their membership or not, as they desire, a secretary and a treasurer, or a secretary-treasurer, who shall continue to hold such office until their respective successors are elected.
Four members of the Board of Directors shall constitute a quorum of the Board for the purpose of conducting its business and exercising its powers and for all other purposes, except that no facilities owned by the Authority shall be leased or disposed of in any manner without a majority vow of the members of the Board of Directors. No vacancy in the membership of the Board shall impair the right of a quorum to exercise all the powers and perform all the duties of the Board.
The Mayor of the Town is hereby authorized to call the initial meeting of the Board of Directors of the Authority.