154.33.535 Powers and authority of corporation.
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<![CDATA[154.33-535 Powers and authority of corporation. The corporation shall have all powers and authority necessary to carry out and effectuate <br>the purposes and provisions of KRS 154.33-501 to 154.33-585, including, but not limited <br>to: <br>(1) Adopt and have a common seal and alter the same at pleasure; <br>(2) Sue and be sued in its own name and plead and be impleaded; <br>(3) Adopt bylaws and make rules for its business; <br>(4) Make and enter into all contracts or agreements necessary or incidental to the performance of its duties, and execution of its powers under KRS 154.33-501 to <br>154.33-585; (5) Accept, receive, and administer loans, grants, appropriations, or other funds or gifts from both public and private sources, including, but not limited to, local <br>governments, the Commonwealth of Kentucky, and federal agencies for the purpose <br>of carrying out the purposes and functions of the corporation, and to make loans and <br>grants as provided in KRS 154.33-550; (6) Expend funds as may be considered by it to be advisable or necessary in the performance of its duties; (7) Issue bonds payable from the revenues, rentals, and other funds made available to the corporation for the purposes of paying any part of the costs of any project, and <br>to refund any of its bonds; (8) Create and establish a "debt service reserve" pursuant to proceedings and trust indenture of the corporation; (9) Acquire, hold as may be necessary and convenient, encumber, or dispose of real and personal property, and in such manner and under terms as may be provided by <br>contract or agreement; (10) Charge fees, rents, and otherwise charge for services and facilities provided by the corporation, except that the corporation shall not have the power to levy taxes; (11) Employ consultants, engineers, attorneys, real estate counselors, appraisers, and other persons and employees as may be required in the judgment of the corporation <br>and to pay and fix their compensation from funds available to the corporation; (12) Designate official depositories for corporation funds; however, any deposit of the corporation in excess of that amount covered by federal deposit insurance shall be <br>secured by sufficient collateral; (13) Invest any funds held in reserve or in a sinking fund account or any other moneys not required for immediate disbursement in obligations guaranteed by the <br>Commonwealth, the United States, or their agencies or instrumentalities; however, <br>the return on the investments shall not violate any rulings of the United States <br>Internal Revenue Service regarding investments of the proceeds of federally tax-<br>exempt bond issues; (14) Procure insurance against any loss in connection with its operations in such amounts, and from such insurers, as may be deemed necessary and appropriate; (15) Provide technical, administrative, managerial, and advisory services at any local government, industrial development authority, economic development entity, area <br>development district, and any other economic development or job development <br>entity situated in whole or in part within the region, regarding any economic or job <br>development project, program, or activity; and (16) Perform other and further acts as may be necessary to carry out the corporation functions and purposes as explicitly stated or implied by KRS 154.33-501 to <br>154.33-585. Effective: July 14, 1992 <br>History: Amended 1992 Ky. Acts ch. 43, sec. 6, effective July 14, 1992. -- Created 1990 Ky. Acts ch. 105, sec. 6, effective March 20, 1990. Formerly codified as KRS 154B.110 ]]>