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99.360 Powers of the agency.

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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 <br>functions, and shall have the following powers in addition 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 not inconsistent with KRS 99.330 to 99.510 to carry into effect the <br>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 <br>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, <br>grant, bequest, devise or otherwise, any real or personal property, or any <br>interest therein, together with any improvements thereon; to acquire by the <br>exercise of the power of eminent domain any real property; to clear any and <br>all buildings, structures or other improvements from any real property so <br>acquired and to dispose of any personal property resulting therefrom; to sell, <br>lease, exchange, subdivide, transfer, assign, pledge, encumber (by mortgage, <br>deed of trust or otherwise), or otherwise to dispose of any real or personal <br>property or any interest therein at its fair value for uses in accordance with the <br>development plan, irrespective of the cost of acquiring and preparing real <br>property for redevelopment; to insure or provide for the insurance of any real <br>or personal property or operation of the agency against risks or hazards; and <br>pursuant to the provisions of KRS 99.450 to rent, maintain, manage, operate, <br>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 <br>KRS 99.330 to 99.510, and to pledge such security as may be required; an <br>agency, notwithstanding the provisions of any other law, may include in any <br>contract for financial assistance with the federal government any conditions <br>which the federal government may attach to its financial aid of a <br>redevelopment project, not inconsistent with the purposes of KRS 99.330 to <br>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 <br>highways to be laid out and graded, and pavements or other road surfacing, <br>sidewalks and curbs, and public utilities of every kind to be constructed and <br>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 <br>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 <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 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 <br>the building of specified improvements within a period of time which the <br>agency fixes as reasonable; and to comply with such other conditions as in the <br>opinion of the agency are necessary to carry out the purposes of KRS 99.330 <br>to 99.510; the agency, by provision in the contract, deed or lease may make <br>any of the purchaser's obligations covenants or conditions running with the <br>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 <br>(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 <br>of such property. (2) 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 <br>development plan. Effective: July 15, 1980 <br>History: Amended 1980 Ky. Acts ch. 235, sec. 19, effective July 15, 1980. -- Created 1950 Ky. Acts ch. 119, sec. 5.