67A.920 Powers of parking authority.
(1)
Each parking authority created under the authority of KRS 67A.914 shall constitute
a public body, corporate and politic, 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 in order to effect the purpose of this chapter;
(c) To hire and maintain such staff personnel as may be required;
(d) To purchase, lease, obtain option upon, acquire by gift, grant, bequest, devise
or otherwise, any real or personal property, including air space, or any interest
therein, together with any improvements thereon; to demolish buildings and
clear improvements from any of its real property and dispose of any personal
property resulting therefrom; to dispose of any real or personal property at its
fair value; to rent, lease, construct, maintain, manage, operate, repair parking
facilities and structures and other real property located within or within
reasonable proximity to the parking districts;
(e) To borrow from and to accept loans and grants from the federal, state, urbancounty governments or any agency thereof, or from any sources, public or
private, and to pledge such security as may be required;
(f) To invest any funds held in reserves or sinking funds or any funds not required
for immediate disbursements, 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 cancelled;
(g) To plan, design and locate parking facilities and structures at, below, or above
the surface of the earth;
(h) To contract with any suitable and qualified person, firm or corporation for
construction or for operation of any parking facility or structure as is found to
be in the public interest;
(i) To covenant as to the use of any or all of its real or personal property; and to
covenant as to the maintenance of its real and personal property the
replacement thereof, the insurance to be carried thereon and the use and
disposition of insurance moneys;
(j) To covenant as to the rights, liabilities, powers and duties arising upon the
breach of any covenant, condition, or obligation; and to covenant and
prescribe as to events of default and terms and conditions upon which any or
all of its bonds or obligations shall become or may be declared due before
maturity, and as to the terms and conditions upon which such declaration and
its consequences may be waived;
(k) To vest in a trustee or trustees or the holders of bonds or any proportion of
them the right to enforce the payment of the bonds or trustees the right in the
event of a default by said agency, to take possession of any project or part
(2)
thereof, and to collect the rents and revenues arising therefrom, or due the
agency in connection therewith, and to dispose of such moneys in accordance
with the agreement of the agency with said trustee; to provide for the powers
and duties of a trustee or trustees and to limit the liabilities thereof; and to
provide the terms and conditions upon which the trustee or trustees of the
holders of bonds or any proportion of them may enforce any covenant or
rights securing or relating to the bonds;
(l) To exercise all or any part or combination of the powers herein granted; to
make covenants other than and in addition to the covenants herein expressly
authorized of like or different character; to make such covenants and to do any
and all such acts and things as may be necessary or convenient or desirable in
order to secure its bonds, or, in the discretion of said agency, except as
otherwise provided in this chapter, as will tend to make the bonds more
marketable notwithstanding that such covenants, acts, or things may not be
enumerated herein.
The bonds, notes and other obligations of an authority are declared to be issued for
an essential public and government purpose, and together with interest thereon and
income therefrom shall be exempt from all taxes.
Effective: June 19, 1976
History: Created 1976 Ky. Acts ch. 287, sec. 14, effective June 19, 1976.
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