151.654 Powers, functions, and duties.
The authority shall have the following general powers, functions, and duties:
(1) Perpetual succession in the corporate name;
(2) To sue and be sued in the corporate name and to sue and be sued in either
Tennessee or Kentucky with the jurisdiction of either state's courts to be determined
by where the cause of action arose;
(3) To adopt, use, and alter a corporate seal, which shall be judicially noticed;
(4) To enter into contracts and cooperative agreements with federal, state, and local
governments and agencies thereof, with private individuals, corporations,
associations, and with other organizations that the board may deem necessary or
convenient in carrying out the purposes of KRS 151.650 to 151.664;
(5) To adopt, amend, and repeal bylaws;
(6) To employ an executive director and to appoint managers, officers, employees,
attorneys, and agents as the board deems necessary for the transaction of its
business, fix their compensation, define their duties, and require bonds of such of
them as the board may determine;
(7) To receive and expend funds from any source for staffing and other administrative
expenses, research, planning, coordination, and activities deemed necessary to
promote and carry out the purposes of the authority;
(8) To cooperate and coordinate its activities with local, regional, and state planning
agencies in developing and implementing plans for the development of the projects
of the authority;
(9) To cooperate and coordinate its activities with the federal agencies having
responsibility for developing natural, human, and physical resources of the region;
(10) To cooperate with local and regional financial institutions in assembling financial
resources for commercial, industrial, and other development;
(11) To enter into compacts or contractual arrangements with planning agencies of both
states, for the purpose of preparing joint-comprehensive plans for the development
and maintenance of the projects of the authority;
(12) To acquire and hold real and personal property or interests therein as necessary to
carry out the purposes of KRS 151.650 to 151.664; and
(13) To have and exercise other authority deemed necessary by the board to further and
promote the purpose of KRS 151.650 to 151.664.
Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 381, sec. 3, effective July 13, 1990
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
