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151.654 Powers, functions, and duties.

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151.654 Powers, functions, and duties. The authority shall have the following general powers, functions, and duties: <br>(1) Perpetual succession in the corporate name; <br>(2) To sue and be sued in the corporate name and to sue and be sued in either Tennessee or Kentucky with the jurisdiction of either state's courts to be determined <br>by where the cause of action arose; (3) To adopt, use, and alter a corporate seal, which shall be judicially noticed; <br>(4) To enter into contracts and cooperative agreements with federal, state, and local governments and agencies thereof, with private individuals, corporations, <br>associations, and with other organizations that the board may deem necessary or <br>convenient in carrying out the purposes of KRS 151.650 to 151.664; (5) To adopt, amend, and repeal bylaws; <br>(6) To employ an executive director and to appoint managers, officers, employees, attorneys, and agents as the board deems necessary for the transaction of its <br>business, fix their compensation, define their duties, and require bonds of such of <br>them as the board may determine; (7) To receive and expend funds from any source for staffing and other administrative expenses, research, planning, coordination, and activities deemed necessary to <br>promote and carry out the purposes of the authority; (8) To cooperate and coordinate its activities with local, regional, and state planning agencies in developing and implementing plans for the development of the projects <br>of the authority; (9) To cooperate and coordinate its activities with the federal agencies having responsibility for developing natural, human, and physical resources of the region; (10) To cooperate with local and regional financial institutions in assembling financial resources for commercial, industrial, and other development; (11) To enter into compacts or contractual arrangements with planning agencies of both states, for the purpose of preparing joint-comprehensive plans for the development <br>and maintenance of the projects of the authority; (12) To acquire and hold real and personal property or interests therein as necessary to carry out the purposes of KRS 151.650 to 151.664; and (13) To have and exercise other authority deemed necessary by the board to further and promote the purpose of KRS 151.650 to 151.664. Effective: July 13, 1990 <br>History: Created 1990 Ky. Acts ch. 381, sec. 3, effective July 13, 1990