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80.610 Agreement to sell housing as security for federal aid.

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80.610 Agreement to sell housing as security for federal aid. In any contract or amendatory or superseding contract for a loan and annual contributions <br>heretofore or hereafter entered into between a housing authority (including any housing <br>authority created under KRS 80.010 to 80.250) and the federal government with respect <br>to any housing undertaken by said housing authority, any such housing authority is <br>authorized to make such covenants (including covenants with holders of obligations of <br>said authority issued for purposes of the housing project involved), and to confer upon the <br>federal government such rights and remedies, as said housing authority deems necessary <br>to assure the fulfillment of the purposes for which the housing was undertaken. In any <br>such contract, the housing authority may, notwithstanding any other provisions of law, <br>agree to sell and convey the housing (including all lands appertaining thereto) to which <br>such contract relates to the federal government upon the occurrence of such conditions, or <br>upon such defaults on obligations for which any of the annual contributions provided in <br>said contract are pledged, as may be prescribed in such contract, and at a price (which <br>may include the assumption by the federal government of the payment, when due, of the <br>principal of and interest on outstanding obligations of the housing authority issued for <br>purposes of the housing project involved) determined as prescribed therein and upon such <br>other terms and conditions as are therein provided. Any such housing authority is hereby <br>authorized to enter into such supplementary contracts, and to execute such conveyances, <br>as may be necessary to carry out the provisions hereof. Notwithstanding any other <br>provisions of law, any contracts or supplementary contracts or conveyances made or <br>executed pursuant to the provisions of this section shall not be or constitute a mortgage <br>within the meaning or for the purpose of any of the laws of this Commonwealth. Effective: July 13, 1984 <br>History: Amended 1984 Ky. Acts ch. 361, sec. 39, effective July 13, 1984. -- Created 1942 Ky. Acts ch. 70, sec. 31.