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Fiscal court ratifies Agape Industrial Authority’s decision to use the court as fiduciary
Summary
The fiscal court ratified minutes of the Agape Industrial Authority directing the county fiscal court to serve as fiduciary for receipt and disbursement of funds tied to the authority’s property; the motion carried by voice vote.
Magoffin County’s fiscal court ratified the Agape Industrial Authority Board’s decision to allow the fiscal court to act as fiduciary for receiving and disbursing funds the authority approves.
Unidentified Speaker 2 said the Agape Industrial Authority had been inactive for decades, that there were funds in an existing checking account under the authority’s title, and that following recent reconvening the authority’s minutes directed the fiscal court to serve as fiduciary. Speaker 2 moved to ratify that direction; the motion was seconded and carried by voice vote.
The court indicated additional work by the authority will be discussed in future meetings. The court did not present details about the size of funds, property parcels involved, or a proposed timeline for disbursements during this meeting.
