Bill > HB683

This bill establishes the Burnside Island Development Authority (BIDA) as an independent entity to develop, finance, operate, and improve lodging and restaurant facilities, along with other recreational amenities, on General Burnside Island State Park and the surrounding area, aiming to boost economic development and tourism. BIDA will be governed by a board of directors with diverse representation from state agencies, local officials, and appointees from the City of Burnside and Pulaski County, and will operate under the Kentucky Open Meetings Act and Open Records Act, ensuring transparency. The authority is empowered to acquire property, enter into contracts, borrow money, and issue bonds, with the crucial provision that any bond debt service will be paid solely from the revenue generated by those bonds, meaning the Commonwealth or any political subdivision will not be obligated to repay them. Furthermore, the bill amends existing law to exempt the acquisition or lease of General Burnside Island State Park from taxation, and requires the Department of Parks to continue operating and maintaining the park until a private partner agreement is in place, while also mandating that the sale or disposal of state-owned real property valued over $400,000 by the authority requires prior authorization from the General Assembly.

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https://apps.legislature.ky.gov/record/26RS/hb683.html