KRS 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 p rovisions 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 ann ual 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 supplementa ry 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.