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154.10.030 Powers and authority.

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154.10-030 Powers and authority. The board shall have all the powers and authority, not explicitly prohibited by statute, <br>necessary or convenient to carry out and effectuate the functions, duties, and <br>responsibilities of the board and the cabinet, including, but not limited to, the following: <br>(1) Serving as the governing body of the Cabinet for Economic Development; <br>(2) Suing and being sued; <br>(3) Adopting, using, and altering at will a corporate seal; <br>(4) Approving economic development programs and projects; <br>(5) Discharging the secretary of the Cabinet for Economic Development; <br>(6) Approving the state's strategic economic development plan and subsequent implementation plans; (7) Providing for and directing the state's economic development strategic planning process; (8) Evaluating the performance and effectiveness of the Commonwealth's economic development systems, including: <br>(a) The establishment of benchmarks; and <br>(b) Program review; (9) Reporting to the Governor, the General Assembly, and the people of the Commonwealth regarding its functions, duties, and responsibilities, including, but <br>not limited to: <br>(a) The Commonwealth's strategic economic development plan; <br>(b) Program initiatives and implementation plans; <br>(c) Systems evaluations; <br>(d) Benchmarks; <br>(e) Program evaluation; and <br>(f) Activities of the cabinet; (10) Soliciting, borrowing, accepting, receiving, investing, and expending funds from any public or private source; (11) Making grants, loans, and investments; guaranteeing and insuring loans, leases, bonds, notes, or other indebtedness, whether public or private; issuing letters of <br>credit; and making loans to financial institutions to facilitate financing of all or part <br>of an export-related transaction including, but not limited to, pre-export working <br>capital financing and post-export receivable financing; (12) Constructing, acquiring by gift, purchase, installment purchase, or lease, and reconstructing, improving, repairing, or equipping any project or any part of a <br>project; and entering into a lease for the use or sale of a project; (13) Making loans and participating in the making of loans; undertaking commitments to make loans and mortgages; buying and selling loans and mortgages at public or <br>private sale; rewriting loans and mortgages; discharging loans and mortgages; <br>foreclosing on mortgages and commencing any action to protect or enforce a right conferred upon the cabinet or placed within the control, authority, and responsibility <br>of the cabinet under the provisions of this chapter; bidding for and purchasing <br>property which was the subject of the mortgage at a foreclosure or other sale, and <br>acquiring or taking possession of the property and, in that event, completing, <br>administering, paying the principal and interest on obligations incurred in <br>connection with the property; and disposing of and otherwise dealing with the <br>property in a manner as may be necessary or desirable to protect the interests of the <br>cabinet; (14) Entering into a lease for the use or sale of a project; acquiring or contracting from any person, public entity, corporation, limited liability company, partnership, <br>limited partnership, or entity, leaseholds, real or personal property, or any interest in <br>real or personal property; owning, holding, clearing, improving, and rehabilitating <br>and selling, assigning, exchanging, transferring, conveying, leasing, mortgaging, or <br>otherwise disposing of or encumbering leaseholds, real or personal property, or any <br>interest in real or personal property as is convenient for the accomplishment of the <br>purposes of this chapter; (15) Procuring insurance against any loss in connection with the cabinet's property, assets, or activities; (16) Charging, imposing and collecting fees and charges in connection with any transaction, and providing for reasonable penalties for delinquent payment of fees or <br>charges; (17) Indemnifying and procuring insurance indemnifying members and officers of the board, and the cabinet and members and officers of the finance committee of the <br>Kentucky Economic Development Finance Authority as provided in KRS 154.20-<br>010, from personal loss or accountability from liability asserted by any person on <br>the bonds or notes of the cabinet or authority, or any personal liability or <br>accountability by reason of the issuance of bonds, notes, insurance, or guarantees; or <br>by reason of acquisition, construction, ownership, or operation of any project <br>funded in whole or part by the cabinet or authority; or by reason of any other action <br>taken or the failure to act by the cabinet or authority; (18) Mortgaging or creating security interests in a project or any part of a project, or in a lease or loan, or in the rents, revenues, or sums to be paid in favor of the holders of <br>the bonds or notes issued by the cabinet; (19) Conveying or releasing a project or any part of a project to a lessee, purchaser, or borrower under any agreement after provision has been made for the retirement in <br>full of the bonds or notes issued for that project under the terms and conditions <br>provided in the agreement, or as may be agreed with the holders of the bonds or <br>notes, or as may otherwise be agreed with the holders of the bonds or notes; (20) Issuing non-appropriation-supported bonds and notes including, but not limited to, commercial paper, refund bonds, and notes; paying the costs of issuance of bonds <br>and notes; paying interest on bonds and notes; (21) Making and entering into contracts and agreements necessary or incidental to the performance of its duties and execution of its powers; (22) Employing consultants and other persons and employees as may be required in the judgment of the board, essential to the cabinet's operations, functions, and <br>responsibilities; (23) Providing technical assistance regarding any economic or job development project, program, or activity; (24) Delegating any powers, duties, responsibilities, and authority to any division, agency, or authority under its control and administration; (25) Reorganizing, pursuant to KRS 12.028, any organizational unit or administrative body under its control and jurisdiction; (26) Promulgating administrative regulations, in accordance with KRS Chapter 13A, governing its powers, duties, and responsibilities as prescribed in this chapter and <br>governing the powers, duties, and responsibilities delegated to any administrative <br>body transferred to the cabinet by law or otherwise placed within its control and <br>responsibility; and (27) Doing all other things necessary or convenient to achieve its objectives and purposes which are not explicitly prohibited by statute. Effective: July 12, 2006 <br>History: Amended 2006 Ky. Acts ch. 149, sec. 208, effective July 12, 2006. -- Amended 1996 Ky. Acts ch. 194, sec. 15, effective July 15, 1996. -- Created 1992 <br>Ky. Acts ch. 105, sec. 5, effective July 14, 1992.