Download as PDF
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,
urban-county 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 thereof, and to collect the rents and revenues arising therefrom, or
due the agency in connection therewith, and to dispose of such moneys in
(2)
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.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.