Create new sections of KRS Chapter 148 to define terms; establish the Burnside Island Development Authority to develop, finance, maintain, and improve lodging and restaurant facilities on General Burnside Island State Park and surrounding area; require the authority to be governed by a board; establish board membership, terms, powers, and duties; establish duties and purposes of the authority; require the board and authority to be subject to the Kentucky Open Meetings Act and Kentucky Open Records Act; require the board to acquire authorization from the General Assembly prior to the sale, trade, or disposal of real property valued greater than $400,000 that is owned by the Commonwealth and managed by the Department of Parks; require that bond debt service be payable solely from the revenue of the bonds; require the Department of Parks to operate and maintain General Burnside Island State Park until an agreement between the authority and a private partner takes effect; amend KRS 132.195 to exempt the acquisition or lease of General Burnside Island State Park from taxation requirements; set forth the staggering of initial board terms.