KRS 67A.920: Powers of parking authority.

(1) Each parking authority created under the authority of KRS 67A.914 shall constitute

a public body, corporate and politic, and shall have the following powers in addition

to the others granted:

(a) To sue and be sued; to have a seal; to make and execute con tracts and other

instruments necessary or convenient to the exercise of its powers;

(b) To make, and from time to time amend and repeal bylaws, rules and

regulations in order to effect the purpose of this chapter;

(c) To hire and maintain such staff personnel as may be required;

(d) To purchase, lease, obtain option upon, acquire by gift, grant, bequest, devise

or otherwise, any real or personal property, including air space, or any interest

therein, together with any improvements thereon; to demolish bu ildings and

clear improvements from any of its real property and dispose of any personal

property resulting therefrom; to dispose of any real or personal property at its

fair value; to rent, lease, construct, maintain, manage, operate, repair parking

facilities and structures and other real property located within or within

reasonable proximity to the parking districts;

(e) To borrow from and to accept loans and grants from the federal, state, urban -

county governments or any agency thereof, or from any sou rces, public or

private, and to pledge such security as may be required;

(f) To invest any funds held in reserves or sinking funds or any funds not required

for immediate disbursements, in property or securities in which savings banks

may legally invest f unds subject to their control; to purchase its bonds at a

price not more than the principal amount thereof and accrued interest, all

bonds so purchased to be cancelled;

(g) To plan, design and locate parking facilities and structures at, below, or above

the surface of the earth;

(h) To contract with any suitable and qualified person, firm or corporation for

construction or for operation of any parking facility or structure as is found to

be in the public interest;

(i) To covenant as to the use of any or all of its real or personal property; and to

covenant as to the maintenance of its real and personal property the

replacement thereof, the insurance to be carried thereon and the use and

disposition of insurance moneys;

(j) To covenant as to the rights, l iabilities, powers and duties arising upon the

breach of any covenant, condition, or obligation; and to covenant and

prescribe as to events of default and terms and conditions upon which any or

all of its bonds or obligations shall become or may be declare d due before

maturity, and as to the terms and conditions upon which such declaration and

its consequences may be waived;

(k) To vest in a trustee or trustees or the holders of bonds or any proportion of

them the right to enforce the payment of the bonds or trustees the right in the

event of a default by said agency, to take possession of any project or part

thereof, and to collect the rents and revenues arising therefrom, or due the

agency in connection therewith, and to dispose of such moneys in accordan ce

with the agreement of the agency with said trustee; to provide for the powers

and duties of a trustee or trustees and to limit the liabilities thereof; and to

provide the terms and conditions upon which the trustee or trustees of the

holders of bonds or any proportion of them may enforce any covenant or

rights securing or relating to the bonds;

(l) To exercise all or any part or combination of the powers herein granted; to

make covenants other than and in addition to the covenants herein expressly

authorized of like or different character; to make such covenants and to do any

and all such acts and things as may be necessary or convenient or desirable in

order to secure its bonds, or, in the discretion of said agency, except as

otherwise provided in this chapter, as will tend to make the bonds more

marketable notwithstanding that such covenants, acts, or things may not be

enumerated herein.

(2) The bonds, notes and other obligations of an authority are declared to be issued for

an essential public and gov ernment purpose, and together with interest thereon and

income therefrom shall be exempt from all taxes.