KRS § 99.650 — KY Code / Title IX / Chapter 99 / Section 99.650
99.650 Powers of agency
Status: in_force

99.650 Powers of agency.

(1) Each agency created under the terms of KRS 99.610 to 99.680 shall constitute a

public body corporate and politic, exercising public and essential governmental

functions, and shall have all of the powers necessary and convenient to carry out

and effectuate the purposes and provisions of KRS 99.610 to 99.680 including but

without limiting the generality of the foregoing, the following powers in addition to

other powers granted herein and by other statutory authority:

(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 99.610 to 99.680, to carry into effect

the powers and purposes thereof, subject to approval, amendment, or

modification by the governing board;

(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 provisions

of its budget;

(d) Within the jurisdiction of the city in which it is established, and for the

purpose of developing a project area or areas, 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

clear any and all buildings, structures, or other improvements from any real

property so acquired; to renovate or rehabilitate any improvements to such

real property so acquired and to dispose of any personal property resulting

therefrom; to develop and construct residential housing for persons and

families of lower income; 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 said property; 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 99.610 to 99.680, to rent,

maintain, manage, operate, and repair such real property and any

improvements thereto;

(e) Within the jurisdiction of the city in which it is established, and for the

purpose of developing a project area or areas: to make or participate in the

making of construction, land development, mortgage, and rehabilitation loans

and to purchase or participate in the purchase of construction, land

development, mortgage, and rehabilitation loans for residential housing

projects, provided, however, that such loans shall be made only upon the

determination by the agency that such loans are not otherwise available,

wholly or in part, from private lender upon reasonably equivalent terms and

conditions; to insure or reinsure construction, land development, mortgage,

and rehabilitation loans on residential housing projects provided, however,

that any such insurance or reinsurance shall be made only upon the

determination by the agency that such insurance or reinsurance is not

otherwise available wholly or in part from private insurers upon reasonably

equivalent terms and conditions; to make grants from appropriated funds, and

any other funds from any source available to the agency, to builders,

developers, and owners of residential housing for the development,

construction, rehabilitation, or maintenance of residential housing and such

facilities related thereto as the agency shall deem important for a proper living

environment, all on such terms and conditions as may be deemed appropriate

by the agency; to sell, at public or private sale, all or any part of any mortgage

or other instrument or document securing a construction land development, or

rehabilitation loan for residential housing projects of any type, appropriate to

the purpose of the agency; to consent, whenever it deems it necessary or

desirable in the fulfillment of its corporate purposes, to the modification of the

rate of interest, time of payment of any installment of principal or interest, or

any other terms, of any mortgage loan, mortgage loan commitment,

construction or land development loan, rehabilitation loan, contract, or

agreement of any kind relating to residential housing projects to which the

agency is a party;

(f) Within a project area, to cause streets and highways to be laid out and graded,

and pavements or other road surfacing, sidewalks, curbs, gutters, storm

sewers, and public utilities of every kind to be improved, constructed, and

installed and to close any streets according to the development plan;

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

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

insurance companies 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;

(h) To obligate lessees or purchasers of land acquired in a project: (1) to use such

land for the purpose designated in the development plan; (2) to begin the

building of specified improvements or renovation of existing improvement

within a period of time which the agency fixes as reasonable; and (3) to

comply with such other conditions as in the opinion of the agency are

necessary to carry out the purposes of KRS 99.610 to 99.680; 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;

(i) To contract as, and to accept the obligations of, an owner of benefited

property under the terms of KRS 107.010 to 107.220, inclusive;

(j) To exercise all powers granted to governmental agencies under proposed

legislation which deals with the use of "tax increment" revenues and financing

of public purpose projects through the use thereof;

(k) To exercise all powers granted to governmental agencies by KRS 58.010 to

58.140, inclusive;

(l) To make periodic grants to reduce principal and interest payments on

mortgages or rentals payable by persons and families of low income;

(m) To rehabilitate, acquire, establish, and operate, lease, and sublease, residential

housing for persons and families of lower income and to enter into agreements

or other transactions with any federal, state, or local government agency for

the purpose of providing adequate living quarters for such persons and

families and to contract to assume the rights, powers, duties, and obligations

of any local housing authority or similar agency of the federal, state, city, or

urban-county governments;

(n) To borrow from and to accept loans and grants from the federal, state, city, or

urban-county governments or any agency thereof, or from any sources, public

or private, for the purposes of KRS 99.610 to 99.680, 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,

state, city, or urban-county government any conditions which the federal,

state, city, or urban-county government may attach to its financial aid not

inconsistent with the purposes of KRS 99.610 to 99.680; and

(o) To exercise all or any part or combination of the powers herein granted.

(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, except as to the development and construction of residential

housing for persons and families of lower income and except insofar as any

industrial building may be authorized to be constructed by a lessee, on behalf of the

agency, under the provisions of KRS 103.200 to 103.285, inclusive.