KRS 99.260: Power of corporation to borrow money and execute mortgages.

(1) Upon first obtaining the approval of the supervising agency, any redevelopment

corporation may borrow funds for use in the redevelopment, before or during such

redevelopment, and secure the repayment of same by mortgage or mortgages. Every

such mortgage shall be a lien upon no other property except that forming the whole

or a part of a single development area.

(2) Any redevelopment corporation may also borrow funds and secure the repayment

thereof by mortgage or mortgages. Every such mortgage shall contain reasonable

amortization provisions and be a lien upon no other real property except that

forming the whole or a part of a single development area.

(3) Any redevelopment corporation may mortgage the real property in a development

area, or any part thereof, and create a first lien, or a second or other junior lien, upon

such real property, as the case may be.