154.20.033 Powers of authority -- Limitation of liability -- Payment of administrative and operational expenses. - Kentucky Statutes

Download pdf

Loading PDF...

154.20-033 Powers of authority -- Limitation of liability -- Payment of administrative and operational expenses. (1) The authority shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of Subchapters 20 to 28 and 30 to 34 of this
chapter, including but not limited to:
(a) Employing fiscal consultants, attorneys, appraisers, and other agents on behalf of the authority whom the authority deems necessary or convenient for the
preparation and administration of agreements and documents necessary or
incident to any project. The fees for the services provided by persons
employed on behalf of the authority shall be paid by the beneficiary of a loan,
grant, assessment, incentive, inducement, or tax credit under this chapter
directly to the person providing consultation, advisory, legal or other services;
and (b) Imposing and collecting fees and charges in connection with any transaction and providing for reasonable penalties for delinquent payment of fees and
charges. (2) A director or officer of the authority shall not be subject to any personal liability or accountability by reason of the execution of any obligation duly authorized by the
authority. (3) The authority may accept and expend moneys which may be appropriated from time to time by the General Assembly, or moneys which may be received from any
source, including income from the authority's operations for effectuating its
purpose, including without limitation the payment of the expenses of administration
and operation. Effective: June 26, 2009
History: Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 29, effective June 26, 2009. -- Amended 2008 Ky. Acts ch. 178, sec. 25, effective July 15, 2008. -- Created
1996 Ky. Acts ch. 194, sec. 26, effective July 15, 1996.