State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 154-50 > 330

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154.50-330 Withdrawal by governmental unit -- Dissolution of authority. (1) In the event that a joint industrial development authority is created by cities and/or counties, and thereafter a city or cities or county or counties desire to withdraw <br>from participation, then the remaining participants may jointly choose a successor <br>member or members of the authority. No such withdrawing city or cities or county <br>or counties shall be entitled to the return of any money or property advanced such <br>authority. (2) Notwithstanding the provisions of subsection (1) of this section, any cities and/or counties which have established a joint industrial development authority as <br>provided for herein, may provide by a mutual written agreement between such cities <br>and/or counties, and the joint industrial development authority, that such joint <br>industrial development authority may be dissolved and may further provide that <br>upon such complete termination, all funds, property and other assets held by the <br>joint industrial development authority shall be returned to such cities and/or <br>counties in the same proportion as contributions of funds, property and other assets <br>were made by such cities and/or counties. This section shall not apply and no <br>dissolution shall be made until such time as all legal obligations of the joint <br>industrial development authority shall be satisfied and all existing commitments <br>fulfilled. Effective: June 17, 1978 <br>History: Amended 1978 Ky. Acts ch. 384, sec. 42, effective June 17, 1978. -- Created 1970 Ky. Acts ch. 114, sec. 7. Formerly codified as KRS 152.870