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67A.920 Powers of parking authority.

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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 <br>to the others granted: <br>(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; <br>(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 <br>therein, together with any improvements thereon; to demolish buildings and <br>clear improvements from any of its real property and dispose of any personal <br>property resulting therefrom; to dispose of any real or personal property at its <br>fair value; to rent, lease, construct, maintain, manage, operate, repair parking <br>facilities and structures and other real property located within or within <br>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 <br>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 <br>may legally invest funds subject to their control; to purchase its bonds at a <br>price not more than the principal amount thereof and accrued interest, all <br>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 <br>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 <br>replacement thereof, the insurance to be carried thereon and the use and <br>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 <br>prescribe as to events of default and terms and conditions upon which any or <br>all of its bonds or obligations shall become or may be declared due before <br>maturity, and as to the terms and conditions upon which such declaration and <br>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 <br>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 <br>agency in connection therewith, and to dispose of such moneys in accordance <br>with the agreement of the agency with said trustee; to provide for the powers <br>and duties of a trustee or trustees and to limit the liabilities thereof; and to <br>provide the terms and conditions upon which the trustee or trustees of the <br>holders of bonds or any proportion of them may enforce any covenant or <br>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 <br>authorized of like or different character; to make such covenants and to do any <br>and all such acts and things as may be necessary or convenient or desirable in <br>order to secure its bonds, or, in the discretion of said agency, except as <br>otherwise provided in this chapter, as will tend to make the bonds more <br>marketable notwithstanding that such covenants, acts, or things may not be <br>enumerated herein. (2) 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 <br>income therefrom shall be exempt from all taxes. Effective: June 19, 1976 <br>History: Created 1976 Ky. Acts ch. 287, sec. 14, effective June 19, 1976.