Henderson County, KY Article IV Industrial Development Authority

[Adopted 3-25-2003 by Ord. No. 03-03]

§ 13-24 Findings, purpose and authority.

A. The County of Henderson, Kentucky (the "County") desires to recruit and retain industries and businesses that provide jobs for persons residing in Henderson County.

B. Pursuant to KRS 154.50 et seq. (the Local Industrial Development Authority Act), a county may create a local industrial development authority (an "authority") for the purpose of aiding in the acquisition, retention and development of land for industrial and commercial purposes in Kentucky; to aid in the development and promotion of industrial sites, parks and subdivisions for accommodating industrial and commercial needs; to promote and stimulate the acquisition, retention and development of land for industrial and commercial purposes in Kentucky by other local development organizations, both public and private.

C. The County has determined that the acquisition of any lands for the purpose of developing industrial sites, parks and subdivisions is hereby declared to be a public and governmental function, exercised for a public purpose, and a matter of public necessity, and such lands and other property, easements and privileges acquired in the manner and for the purposes enumerated in KRS 154.50-301 through 154.50-346 shall and are hereby declared to be acquired and used for public and governmental purposes and as a matter of public necessity.

D. KRS 154.50-316 provides that the six members of the Authority will be appointed by the County Judge/Executive and members of the Authority will serve without compensation, but will be reimbursed for any actual and necessary expenses incurred by them in the conduct of the affairs of the Authority. The Authority will, upon the appointment of its members, organize and elect its officers.

E. KRS 154.50-340 provides that the Authority may borrow money and issue notes and other financial instruments on its own credit, pledge the appropriations or income anticipated, or the industrial sites, parks and subdivisions, or both, as security for its debts, issue revenue bonds issued under the terms, conditions, and procedures set forth in KRS 103.200 through 103.285 to defray the cost of acquiring and developing any industrial sites, parks, and subdivisions through the issuance of revenue bonds issued under the terms, conditions, and procedures set forth in KRS 103.200 through 103.285, and/or as an alternative method and in addition to all other methods provided by law, acquire and develop land for industrial and commercial use, and issue revenue bonds in connection therewith under the terms and provisions of KRS Chapter 58.

§ 13-25 Establishment.

The County hereby finds, determines and declares that it is necessary and in the public's interest to establish an Authority for the purpose of aiding in the acquisition, retention and development of land for industrial and commercial purposes in Henderson County; to aid in the development and promotion of industrial sites, parks and subdivisions for accommodating industrial and commercial needs, to promote and stimulate the acquisition, retention and development of land for industrial and commercial purposes in Henderson County by other local development organizations both public and private. To that effect, the County hereby establishes an Authority (the "Henderson County Authority") for the aforesaid purposes, and hereby declares that the Henderson County Authority be known as the "Henderson Regional Industrial Authority."

§ 13-26 Appointment of members.

Pursuant to KRS 154.50-326(b), the Henderson County Judge/Executive will appoint six members for staggered terms to the Authority's Board of Directors.

§ 13-27 Debt not a liability of County.

Any bonds, notes or other debt instruments of the Henderson Regional Industrial Authority, will not constitute an indebtedness of the County within the meaning of the Constitution and it will plainly be stated on the face of each bond or note to this effect.