KRS 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

from participation, then the remaining participants may jointly choose a successor

member or members of the authority. No such withdrawing city or cities or county

or counties shall be entitled to the return of any money or property advanced such

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

provided for herein, may provide by a mutual written agreement between such cities

and/or counties, and the joint industrial development authority, that such joint

industrial d evelopment authority may be dissolved and may further provide that

upon such complete termination, all funds, property and other assets held by the

joint industrial development authority shall be returned to such cities and/or

counties in the same proporti on as contributions of funds, property and other assets

were made by such cities and/or counties. This section shall not apply and no

dissolution shall be made until such time as all legal obligations of the joint

industrial development authority shall be satisfied and all existing commitments

fulfilled.