<br><br>91A.575 Powers of the management district board. <br>(1) The management district shall constitute a body corporate with the power to sue and <br>be sued, and to contract, and shall be controlled by the board. <br>(2) The number of members of the board, their terms and qualifications, shall be <br>established by the ordinance creating the district. No fewer than a majority of the <br>board shall be property owners within the district. The board members shall be <br>appointed by the mayor of the city, with the approval of the legislative body. <br>(3) The powers of the board shall include all powers set forth in KRS 91A.550 to <br>91A.580 and the ordinance establishing the management district. The board may <br>employ or contract with persons to assist it in its responsibilities. <br>(4) The board shall manage the fiscal affairs of the management district and shall adopt <br>regulations governing the investment and disbursement of funds. The board may <br>borrow money on a short-term basis as required. The board may hold funds in the <br>name of the management district or may designate the city as the fiscal agent for the <br>management district. Money derived from the assessments imposed pursuant to <br>KRS 91A.550 to 91A.580 shall be used only for economic improvements and the <br>cost of administration of the management district and shall be used for no other <br>purposes. As soon as practicable after the close of the fiscal year, the board shall <br>cause an audit to be performed of all funds of the management district by a certified <br>public accountant. <br>(5) In addition to receiving funds from assessments, the board shall be authorized to <br>receive grants, donations, and gifts. <br>History: <br>Created 1990 Ky. Acts ch. 226, sec. 6, effective July 13, 1990. <br><br>