80.610 Agreement to sell housing as security for federal aid. - Kentucky Statutes

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80.610 Agreement to sell housing as security for federal aid. In any contract or amendatory or superseding contract for a loan and annual contributions
heretofore or hereafter entered into between a housing authority (including any housing
authority created under KRS 80.010 to 80.250) and the federal government with respect
to any housing undertaken by said housing authority, any such housing authority is
authorized to make such covenants (including covenants with holders of obligations of
said authority issued for purposes of the housing project involved), and to confer upon the
federal government such rights and remedies, as said housing authority deems necessary
to assure the fulfillment of the purposes for which the housing was undertaken. In any
such contract, the housing authority may, notwithstanding any other provisions of law,
agree to sell and convey the housing (including all lands appertaining thereto) to which
such contract relates to the federal government upon the occurrence of such conditions, or
upon such defaults on obligations for which any of the annual contributions provided in
said contract are pledged, as may be prescribed in such contract, and at a price (which
may include the assumption by the federal government of the payment, when due, of the
principal of and interest on outstanding obligations of the housing authority issued for
purposes of the housing project involved) determined as prescribed therein and upon such
other terms and conditions as are therein provided. Any such housing authority is hereby
authorized to enter into such supplementary contracts, and to execute such conveyances,
as may be necessary to carry out the provisions hereof. Notwithstanding any other
provisions of law, any contracts or supplementary contracts or conveyances made or
executed pursuant to the provisions of this section shall not be or constitute a mortgage
within the meaning or for the purpose of any of the laws of this Commonwealth. Effective: July 13, 1984
History: Amended 1984 Ky. Acts ch. 361, sec. 39, effective July 13, 1984. -- Created 1942 Ky. Acts ch. 70, sec. 31.