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99.360 Powers of the agency.
(1)
Each agency created for the purpose of KRS 99.330 to 99.510 shall constitute
a public body, corporate and politic, exercising public and essential
governmental functions, and shall have the following powers in addition to the
others granted:
(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 99.330 to 99.510 to carry into effect
the powers and purposes thereof;
(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
provision of its budget;
(d) Within its area of operation, for purposes of redevelopment within the
development area, 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 acquire by
the exercise of the power of eminent domain any real property; to clear
any and all buildings, structures or other improvements from any real
property so acquired and to dispose of any personal property resulting
therefrom; 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 real property for redevelopment; 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 99.450 to rent, maintain, manage, operate, and repair
such real property;
(e) To borrow from and to accept loans and grants from the federal
government or any agency thereof, or from any sources, public or private,
for the purposes of KRS 99.330 to 99.510, 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
government any conditions which the federal government may attach to
its financial aid of a redevelopment project, not inconsistent with the
purposes of KRS 99.330 to 99.510;
(f) Within its area of operation, to develop as a building site or sites, any real
property owned or acquired by it, and in this connection to cause streets
and highways to be laid out and graded, and pavements or other road
surfacing, sidewalks and curbs, and public utilities of every kind to be
constructed and installed, or to close any streets according to the
development plan;
(g) Within its area of operation, to prepare from time to time plans for the
improvement or rehabilitation of slum and blighted areas; to make,
periodically, investigations and surveys pertaining to slum clearance and
(2)
urban redevelopment;
(h) To invest any funds held in reserves or sinking funds or any funds not
required for immediate disbursement, in property or securities in which
savings banks 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;
(i) To obligate lessees or purchasers of land acquired in a redevelopment
project: To use such land for the purpose designated in the development
plan; to begin the building of specified improvements within a period of
time which the agency fixes as reasonable; and to comply with such other
conditions as in the opinion of the agency are necessary to carry out the
purposes of KRS 99.330 to 99.510; 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;
(j) To exercise all or any part or combination of the powers herein granted;
and
(k) To expend public funds for the rehabilitation of private property within the
agency's area of operation through loans or grants to the owners or
occupants of such property.
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.
Effective:July 15, 1980
History: Amended 1980 Ky. Acts ch. 235, sec. 19, effective July 15, 1980. -Created 1950 Ky. Acts ch. 119, sec. 5.
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