154.33-535 Powers and authority of corporation.
The corporation shall have all powers and authority necessary to carry out and effectuate
the purposes and provisions of KRS 154.33-501 to 154.33-585, including, but not limited
to:
(1) Adopt and have a common seal and alter the same at pleasure;
(2) Sue and be sued in its own name and plead and be impleaded;
(3) Adopt bylaws and make rules for its business;
(4) Make and enter into all contracts or agreements necessary or incidental to the
performance of its duties, and execution of its powers under KRS 154.33-501 to
154.33-585;
(5) Accept, receive, and administer loans, grants, appropriations, or other funds or gifts
from both public and private sources, including, but not limited to, local
governments, the Commonwealth of Kentucky, and federal agencies for the purpose
of carrying out the purposes and functions of the corporation, and to make loans and
grants as provided in KRS 154.33-550;
(6) Expend funds as may be considered by it to be advisable or necessary in the
performance of its duties;
(7) Issue bonds payable from the revenues, rentals, and other funds made available to
the corporation for the purposes of paying any part of the costs of any project, and
to refund any of its bonds;
(8) Create and establish a "debt service reserve" pursuant to proceedings and trust
indenture of the corporation;
(9) Acquire, hold as may be necessary and convenient, encumber, or dispose of real and
personal property, and in such manner and under terms as may be provided by
contract or agreement;
(10) Charge fees, rents, and otherwise charge for services and facilities provided by the
corporation, except that the corporation shall not have the power to levy taxes;
(11) Employ consultants, engineers, attorneys, real estate counselors, appraisers, and
other persons and employees as may be required in the judgment of the corporation
and to pay and fix their compensation from funds available to the corporation;
(12) Designate official depositories for corporation funds; however, any deposit of the
corporation in excess of that amount covered by federal deposit insurance shall be
secured by sufficient collateral;
(13) Invest any funds held in reserve or in a sinking fund account or any other moneys
not required for immediate disbursement in obligations guaranteed by the
Commonwealth, the United States, or their agencies or instrumentalities; however,
the return on the investments shall not violate any rulings of the United States
Internal Revenue Service regarding investments of the proceeds of federally taxexempt bond issues;
(14) Procure insurance against any loss in connection with its operations in such
amounts, and from such insurers, as may be deemed necessary and appropriate;
(15) Provide technical, administrative, managerial, and advisory services at any local
government, industrial development authority, economic development entity, area
development district, and any other economic development or job development
entity situated in whole or in part within the region, regarding any economic or job
development project, program, or activity; and
(16) Perform other and further acts as may be necessary to carry out the corporation
functions and purposes as explicitly stated or implied by KRS 154.33-501 to
154.33-585.
Effective: July 14, 1992
History: Amended 1992 Ky. Acts ch. 43, sec. 6, effective July 14, 1992. -- Created
1990 Ky. Acts ch. 105, sec. 6, effective March 20, 1990.
Formerly codified as KRS 154B.110
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