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80.610 Agreement to sell housing as security for federal aid.
In any contract or amendatory or superseding contract for a loan and annual
contributions heretofore or hereafter entered into between a housing authority
(including any housing authority created under KRS 80.010 to 80.250) and the
federal government with respect to any housing undertaken by said housing
authority, any such housing authority is authorized to make such covenants
(including covenants with holders of obligations of said authority issued for purposes
of the housing project involved), and to confer upon the federal government such
rights and remedies, as said housing authority deems necessary to assure the
fulfillment of the purposes for which the housing was undertaken. In any such
contract, the housing authority may, notwithstanding any other provisions of law,
agree to sell and convey the housing (including all lands appertaining thereto) to
which such contract relates to the federal government upon the occurrence of such
conditions, or upon such defaults on obligations for which any of the annual
contributions provided in said contract are pledged, as may be prescribed in such
contract, and at a price (which may include the assumption by the federal
government of the payment, when due, of the principal of and interest on
outstanding obligations of the housing authority issued for purposes of the housing
project involved) determined as prescribed therein and upon such other terms and
conditions as are therein provided. Any such housing authority is hereby authorized
to enter into such supplementary contracts, and to execute such conveyances, as
may be necessary to carry out the provisions hereof. Notwithstanding any other
provisions of law, any contracts or supplementary contracts or conveyances made or
executed pursuant to the provisions of this section shall not be or constitute a
mortgage within the meaning or for the purpose of any of the laws of this
Commonwealth.
Effective:July 13, 1984
History: Amended 1984 Ky. Acts ch. 361, sec. 39, effective July 13, 1984. -Created 1942 Ky. Acts ch. 70, sec. 31.
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