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ss #30944 ORDINANCE # 97-2- 5641
ORDINANCE CREATING AND ESTABLISHING AN
ENTITY TO BE KNOWN AS THE PADUCAH-
McCRACKEN COUNTY INDUSTRIAL DEVELOPMENT
AUTHORITY; PROVIDING FOR THE APPOINTMENT OF
MEMBERS; AND SETTING FORTH THE POWERS,
FUNCTIONS AND DUTIES OF SAID INDUSTRIAL
DEVELOPMENT AUTHORITY.
WHEREAS, KRS 154.50-301, et seq, authorizes Cities and Counties to
jointly create industrial development authorities for the purpose of acquiring and
developing industrial sites, parks, and subdivisions for economic development
purposes; and
WHEREAS, the City of Paducah and McCracken County, Kentucky,
have agreed to jointly create an industrial development authority in accordance with
the aforesaid statutes.
KENTUCKY:
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH,
SECTION 1. Creation: There is hereby created and established
pursuant to the provisions of KRS 154.50-310, et seq, the Paducah -McCracken
County Industrial Development Authority.
SECTION 2, Composition; Appointment of Members: The Industrial
Development Authority shall be composed of six (6) members, three (3) of whom shall
be appointed by the Mayor of the City of Paducah, and three (3) of whom shall be
appointed by the County Judge of McCracken County, Kentucky. Appointments
made by the Mayor shall be with the approval of the Board of Commissioners.
SECTION 3. Qualifications of Members; City and County Officials Not
Eligible for Membership: All members appointed to the Industrial Development
Authority shall reside within McCracken County and each shall have knowledge or
experience in matters relating to industry or economic development. No member of
the Industrial Development Authority shall hold any official office with the City or
County.
�F SECTION 4. Terms of Members: Of the initial appointments to the
Industrial Development Authority, the Mayor and County Judge shall each appoint one
member for two (2) years, one member for three (3) years, and one member for four
(4) years. Thereafter, members of the industrial Development Authority shall serve for
a term of four (4) years each, and until their successors are appointed and qualified.
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SECTION 5. Powers, Functions and Duties: The Industrial
Development Authority established hereby shall have all the powers, functions and
duties authorized by the Local Industrial Development Authority Act, KRS 154.50-301,
et seq.
SECTION 6. This Ordinance shall be read on two separate days and
become effective upon publication in accordance with KRS Chapter 424.
^i
Albert Jones, M
ATTEST:
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Introduced by the Board of Commissioners February 19, 1997
Adopted by the Board of Commissioners February 25, 1997
Recorded by City Clerk
February 25, 1997
Published by The Paducah Sun February 26, 1997
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