151.654 Powers, functions, and duties.

347 words·~2 min read·/ky/chapter-151/151-654

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The authority shall have the following general powers, functions, and duties:

(1)Perpetual succession in the corporate name;

(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

by where the cause of action arose;

(3)To adopt, use, and alter a corporate seal, which shall be judicially noticed;

(4)To enter into contracts and cooperative agreements with federal, state, and local

governments and agencies thereof, with private individuals, corporations,

associations, and with other organizations that the board may deem necessary or

convenient in carrying out the purposes of KRS 151.650 to 151.664;

(5)To adopt, amend, and repeal bylaws;

(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

business, fix their compensation, define their duties, and require bonds of such of

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

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

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

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.