KRS 175.430: Turnpike Authority of Kentucky -- Composition -- Meetings -- Quorum --

Corporate character.

(1) The Governor, the Lieutenant Governor, the secretary of finance and administration,

the State Highway Engineer, the secretary of economic development, the secretary

of transportation, and the Attorney General, and their respective successors in

office, shall be a body corporate and politic constituting a public corporation and

governmental agency and instrumentality of the Commonwealth by the name of

"The Turnpike Authority of Kentucky," with perpetual succession and with power

in that name to contract and be contracted with, sue and be sued, have and use a

corporate seal, and exercise, in addition to the powers and functions specifically

stated in this chapt er, all of the usual powers of private corporations to the extent

that the same are not inconsistent with specifically enumerated powers.

(2) The members of the authority shall receive no compensation for their services in

that capacity, but shall be entit led to reimbursement for all reasonable expenses

necessarily incurred in connection with performance of their duties and functions as

such members.

(3) Four (4) members of the authority shall constitute a quorum for the transaction of

business, and in the absence of a quorum, one (1) or more members may adjourn

from time to time until a quorum is convened. Each member may designate in

writing a proxy for the transaction of business. Within ninety (90) days from March

25, 1960, the authority shall convene and organize. The Governor shall, by virtue of

his office, be the chairman of the authority and the Lieutenant Governor shall in like

manner be the vice chairman. The authority shall elect a secretary and a treasurer

who shall not be members of the authority, each of whom shall serve at the pleasure

of the authority and shall receive such compensation as may be determined by the

authority with approval of the secretary of the Personnel Cabinet to be paid from the

budgeted funds of the cabinet. The Treasurer shall give bond to the authority and

the Commonwealth conditioned upon his faithful accounting for all funds coming

into his custody from time to time, the same to be in such amount as the authority

may prescribe, with corporate surety given by a surety co mpany qualified to do

business in the Commonwealth, premium therefor to be paid by the authority. The

authority shall establish and maintain an office in premises which shall be provided

for that purpose by the Finance and Administration Cabinet without co st to the

authority; and the secretary of the authority shall at all times maintain therein

complete records of all of the authority's actions and proceedings, which shall

constitute public records open to inspection at reasonable times.