KRS § 99.360 — KY Code / Title IX / Chapter 99 / Section 99.360
99.360 Powers of the agency
Status: in_force

99.360 Powers of the agency.

(1) Each agency created for the purpose of KRS 99.330 to 99.510 shall constitute a

public body, corporate and politic, exercising public and essential governmental

functions, and shall have the following powers in addition to the others granted:

(a) To sue and be sued; to have a seal; to make and execute contracts and other

instruments necessary or convenient to the exercise of its powers;

(b) To make, and from time to time amend and repeal bylaws, rules and

regulations not inconsistent with KRS 99.330 to 99.510 to carry into effect the

powers and purposes thereof;

(c) To select and appoint such officers, agents, counsel and employees, permanent

and temporary, as it may require, and determine their qualifications, duties and

compensation, subject, however, to the provision of its budget;

(d) Within its area of operation, for purposes of redevelopment within the

development area, to purchase, lease, obtain option upon, acquire by gift,

grant, bequest, devise or otherwise, any real or personal property, or any

interest therein, together with any improvements thereon; to acquire by the

exercise of the power of eminent domain any real property; to clear any and

all buildings, structures or other improvements from any real property so

acquired and to dispose of any personal property resulting therefrom; to sell,

lease, exchange, subdivide, transfer, assign, pledge, encumber (by mortgage,

deed of trust or otherwise), or otherwise to dispose of any real or personal

property or any interest therein at its fair value for uses in accordance with the

development plan, irrespective of the cost of acquiring and preparing real

property for redevelopment; to insure or provide for the insurance of any real

or personal property or operation of the agency against risks or hazards; and

pursuant to the provisions of KRS 99.450 to rent, maintain, manage, operate,

and repair such real property;

(e) To borrow from and to accept loans and grants from the federal government or

any agency thereof, or from any sources, public or private, for the purposes of

KRS 99.330 to 99.510, and to pledge such security as may be required; an

agency, notwithstanding the provisions of any other law, may include in any

contract for financial assistance with the federal government any conditions

which the federal government may attach to its financial aid of a

redevelopment project, not inconsistent with the purposes of KRS 99.330 to

99.510;

(f) Within its area of operation, to develop as a building site or sites, any real

property owned or acquired by it, and in this connection to cause streets and

highways to be laid out and graded, and pavements or other road surfacing,

sidewalks and curbs, and public utilities of every kind to be constructed and

installed, or to close any streets according to the development plan;

(g) Within its area of operation, to prepare from time to time plans for the

improvement or rehabilitation of slum and blighted areas; to make,

periodically, investigations and surveys pertaining to slum clearance and

urban redevelopment;

(h) To invest any funds held in reserves or sinking funds or any funds not required

for immediate disbursement, in property or securities in which savings banks

may legally invest funds subject to their control; to purchase its bonds at a

price not more than the principal amount thereof and accrued interest, all

bonds so purchased to be canceled;

(i) To obligate lessees or purchasers of land acquired in a redevelopment project:

To use such land for the purpose designated in the development plan; to begin

the building of specified improvements within a period of time which the

agency fixes as reasonable; and to comply with such other conditions as in the

opinion of the agency are necessary to carry out the purposes of KRS 99.330

to 99.510; the agency, by provision in the contract, deed or lease may make

any of the purchaser's obligations covenants or conditions running with the

land, whose breach shall cause the fee to revert to the agency;

(j) To exercise all or any part or combination of the powers herein granted; and

(k) To expend public funds for the rehabilitation of private property within the

agency's area of operation through loans or grants to the owners or occupants

of such property.

(2) Nothing contained in this section shall authorize such agency to construct any of the

buildings for residential, commercial, industrial or other use contemplated by the

development plan.