{"data":{"id":"us-ky/krs-91.760","jurisdiction":"us-ky","citation":"KRS 91.760","heading":"Memberships, powers, and responsibilities of board.","body":"(1) The management district shall constitute a body corporate with the power to sue and\nbe sued, and to contract, and shall be controlled by a board of directors.\n(2) The number of members of the board of directors, their terms and qualifications,\nshall be established by the ordinance creating the district. All members of the board\nshall be property owners, representatives of property owners, or tenants within the\ndistrict, except for specified ex officio members designated in the local ordinance.\nAt least two-thirds (2/3) of the total number of board members, including ex officio\nmembers, must be property owners or the representatives of property owners within\nthe district. The board members shall be appointed by the executive authority of the\ncity, consolidate d local government, or urban -county, with the approval of the\nlegislative body. A board member may be removed by the executive authority for\nviolation of the rules, regulations, or operating procedures adopted by the board of\ndirectors if the removal is re commended by a majority of the members of the board\nof directors.\n(3) The powers of the board of directors shall include all powers set forth in KRS\n91.750 to 91.762 and the ordinance establishing the management district. The board\nof directors may employ or contract with persons to assist it in its responsibilities.\n(4) (a) The board of directors shall manage the fiscal affairs of the management\ndistrict and shall adopt rules and regulations governing the investment and\ndisbursement of funds.\n(b) The board of directors may borrow money on a short -term or long-term basis\nas required. The total aggregate amount of long -term and short -term debt\nwhich may be carried by a management district shall not exceed five hundred\nthousand dollars ($500,000).\n(c) The board of directors may hold funds in the name of the management district\nor may designate the city, consolidated local government, or urban -county as\nthe fiscal agent for the management district.\n(d) Money derived from the assessments imposed pursuant to KRS 9 1.750 to\n91.762 shall be used only for economic improvements and the cost of\nadministration of the management district and shall be used for no other\npurposes.\n(e) As soon as practicable after the close of the fiscal year, the board of directors\nshall cause an audit to be performed of all funds of the management district by\na certified public accountant.\n(f) The board shall comply with the provisions of KRS 65A.010 to 65A.090.\n(5) In addition to receiving funds from assessments, the board of directors shall  be\nauthorized to receive grants, donations, and gifts.","path":["KRS Chapter 91"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=41717","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:49Z","sha256":"1f925147f14ccd7aecedf9bb56607af5101588c540a5fdd89804ac38f9196112","source_id":"us-ky","stale":false,"prev":"us-ky/krs-91.758","next":"us-ky/krs-91.762"},"notice":"GroundRules: Original legal text. Not legal advice."}