2014 Kentucky Revised Statutes CHAPTER 279 - RURAL ELECTRIC AND RURAL TELEPHONE COOPERATIVE CORPORATIONS 279.110 General powers of rural electric cooperative corporations.
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279.110 General powers of rural electric cooperative corporations.
Any corporation created under this chapter may:
(1) Acquire and hold any property necessary or incidental to the proper conduct of
its business, including preferred stock and common stock or other corporations
whether formed under this chapter or not, and the stock of any federal agency,
and may pay for any such property in cash, property or on credit, or both, and
secure and procure payment of all or any part of the purchase price thereof on
such terms and conditions as its board of directors determines;
(2) Acquire, own, operate, maintain and improve one (1) or more systems;
(3) Pledge all or part of its revenue or mortgage or encumber all or any part of its
property for the purpose of securing the payment of the principal and interest of
any of its obligations;
(4) Have and exercise the right of eminent domain in the manner provided in the
Eminent Domain Act of Kentucky;
(5) Construct, own, lease, operate, and control any facilities across, along, or
under any street or public highway, and over any lands belonging to this state
or to any county, city, or political subdivision of this state, but shall restore any
such street or highway to its former condition as nearly as possible and shall
not use it in such a manner as to impair unnecessarily its usefulness;
(6) Accept gifts and grants of money or property from this state, any county, city,
or political subdivision of this state, any federal agency, or any other person,
and accept voluntary and uncompensated services;
(7) Make any contract necessary or convenient for the full exercise of the powers
granted by this chapter, or for any other corporate purpose, subject to any
limitations imposed by this chapter;
(8) Sell, lease, or dispose of all or any part of its property, subject to the provisions
of KRS 279.140;
(9) Contract debts, borrow money without limitation as to the amount of corporate
indebtedness or liability, and issue or assume obligations;
(10) Fix and collect reasonable rates and charges for services, subject to the
provisions of KRS Chapter 278;
(11) Assist its members in wiring their premises for the use of electric energy and in
purchasing electrical equipment, appliances, and supplies, and in financing
such activities;
(12) (a) Establish affiliates to engage in nonregulated businesses or activities as
provided for in KRS 279.020.
(b) A cooperative formed under this chapter shall annually report to its
member-owners the nature of the nonregulated business or activity, its
financial status and future expectations, as well as any other information
deemed appropriate by its board of directors. The cooperative shall file
with the Public Service Commission a balance sheet and income
statement for each nonregulated business or activity, if the cooperative
has established a separate affiliate to engage in nonregulated business or
activity.
(c) If the cooperatives nonregulated activities are conducted within the
cooperative pursuant to a contract with a federal military installation or a
local, state, or federal government as provided for in KRS 279.020, a
balance sheet and statement of revenues and expenses for each
nonregulated business or activity shall be filed with the Public Service
Commission.
(d) The information to be filed with the Public Service Commission shall be
filed simultaneously with the Public Service Commission annual report.
The cooperative may request confidentiality for any information it provides
as required in this subsection that it deems proprietary or competitive; and
(13) Do anything not specifically set forth in this section that is reasonably deemed
necessary, proper, or convenient for the accomplishment of the purposes of
the corporation and is not prohibited by law.
Effective:July 12, 2006
History: Amended 2006 Ky. Acts ch. 114, sec. 2, effective July 12, 2006. -Amended 1976 Ky. Acts ch. 140, sec. 114, effective June 19, 1976. -- Amended
1972 Ky. Acts ch. 11, sec. 3, effective June 16, 1972. -- Amended 1962 Ky. Acts
ch. 68, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 883j-7, 883j-8.
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