82.105 Definitions for KRS 82.105 to 82.180.
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82.105 Definitions for KRS 82.105 to 82.180.
As used in KRS 82.105 to 82.180, the following words and terms have the following <br>respective meanings unless it shall clearly appear from the context that another meaning <br>is intended: <br>(1) "City" means a city of any class; <br>(2) "Governing body" means the legislative body of a city; <br>(3) "Governmental agency" means the Commonwealth, the United States, or any
division, department, agency or instrumentality of either of them, including <br>agencies and instrumentalities in corporate form, whether created by legislative <br>enactment or organized as nonprofit corporations under general corporation laws for <br>the purpose of serving as agencies or instrumentalities of either of them;
(4) "Governmental project" means any building, structure, installation, activity,
undertaking or program proposed by a governmental agency in furtherance of any <br>lawful governmental or proprietary function of a governmental agency;
(5) "Contract of inducement" means any contract, agreement, or offer and acceptance,
whereby a city agrees to provide an inducement to a governmental agency, under <br>authority of KRS 82.105 to 82.180, either (i) to establish or locate in the city or its <br>environs a governmental project which might, but for such inducement, be <br>established elsewhere, or not at all; or (ii) to establish or locate upon one or more <br>particular sites deemed by the city, acting through its governing body, to be best <br>situated in the interests of future city planning and development, or otherwise in the <br>best interests of the public health, safety, welfare or convenience of the citizens and <br>inhabitants of the city and its environs, a governmental project otherwise chosen or <br>under consideration for establishment or location upon one or more other sites in or <br>near the same city;
(6) "Inducement" or "municipal inducement" means appropriation of public funds
derived from any source and not required by law to be applied, reserved or <br>appropriated to some other purpose, issuance of bonds and application of bond and <br>application of bond proceeds, and provision of any lands, improvements or <br>appurtenances authorized in KRS 82.105 to 82.180 to be acquired, constructed, <br>installed or undertaken by a city as an inducement for a purpose authorized to be <br>accomplished or promoted under the provisions of a contract of inducement;
(7) "Revenue bonds" and "general obligation bonds" mean, respectively, the bonds
which a city is authorized in KRS 82.105 to 82.180 to issue under such <br>designations;
(8) "Bonds" or "bond proceeds," if unaccompanied by other designation, refer to either
revenue bonds or general obligation bonds, or both of them, and the proceeds <br>thereof, as the context may indicate.
History: Created 1962 Ky. Acts ch. 178, sec. 1.
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