{"data":{"id":"us-ky/krs-154.10-030","jurisdiction":"us-ky","citation":"KRS 154.10-030","heading":"Powers and authority.","body":"The board shall have all the powers and authority, not explicitly prohibited by statute,\nnecessary or convenient to carry out and effectuate the functions, duties, and\nresponsibilities of the board and the cabinet, including, but not limited to, the following:\n(1) Serving as the governing body of the Cabinet for Economic Development;\n(2) Suing and being sued;\n(3) Adopting, using, and altering at will a corporate seal;\n(4) Approving economic development programs and projects;\n(5) Discharging the secretary of the Cabinet for Economic Development;\n(6) Approving the state's strategic economic development plan and subsequent\nimplementation plans;\n(7) Providing for and directing the state's economic development strategic planning\nprocess;\n(8) Evaluating the perfor mance and effectiveness of the Commonwealth's economic\ndevelopment systems, including:\n(a) The establishment of benchmarks; and\n(b) Program review;\n(9) Reporting to the Governor, the General Assembly, and the people of the\nCommonwealth regarding its functi ons, duties, and responsibilities, including, but\nnot limited to:\n(a) The Commonwealth's strategic economic development plan;\n(b) Program initiatives and implementation plans;\n(c) Systems evaluations;\n(d) Benchmarks;\n(e) Program evaluation; and\n(f) Activities of the cabinet;\n(10) Soliciting, borrowing, accepting, receiving, investing, and expending funds from\nany public or private source;\n(11) Making grants, loans, and investments; guaranteeing and insuring loans, leases,\nbonds, notes, or other indeb tedness, whether public or private; issuing letters of\ncredit; and making loans to financial institutions to facilitate financing of all or part\nof an export -related transaction including, but not limited to, pre -export working\ncapital financing and post-export receivable financing;\n(12) Constructing, acquiring by gift, purchase, installment purchase, or lease, and\nreconstructing, improving, repairing, or equipping any project or any part of a\nproject; and entering into a lease for the use or sale of a project;\n(13) Making loans and participating in the making of loans; undertaking commitments to\nmake loans and mortgages; buying and selling loans and mortgages at public or\nprivate sale; rewriting loans and mortgages; discharging loans and mortgages;\nforeclosing on mortgages and commencing any action to protect or enforce a right\nconferred upon the cabinet or placed within the control, authority, and responsibility\nof the cabinet under the provisions of this chapter; bidding for and purchasing\nproperty which w as the subject of the mortgage at a foreclosure or other sale, and\nacquiring or taking possession of the property and, in that event, completing,\nadministering, paying the principal and interest on obligations incurred in\nconnection with the property; and disposing of and otherwise dealing with the\nproperty in a manner as may be necessary or desirable to protect the interests of the\ncabinet;\n(14) Entering into a lease for the use or sale of a project; acquiring or contracting from\nany person, public entity,  corporation, limited liability company, partnership,\nlimited partnership, or entity, leaseholds, real or personal property, or any interest in\nreal or personal property; owning, holding, clearing, improving, and rehabilitating\nand selling, assigning, exch anging, transferring, conveying, leasing, mortgaging, or\notherwise disposing of or encumbering leaseholds, real or personal property, or any\ninterest in real or personal property as is convenient for the accomplishment of the\npurposes of this chapter;\n(15) Procuring insurance against any loss in connection with the cabinet's property,\nassets, or activities;\n(16) Charging, imposing and collecting fees and charges in connection with any\ntransaction, and providing for reasonable penalties for delinquent payment of fees or\ncharges;\n(17) Indemnifying and procuring insurance indemnifying members and officers of the\nboard, and the cabinet and members and officers of the finance committee of the\nKentucky Economic Development Finance Authority as provided in KRS 154. 20-\n010, from personal loss or accountability from liability asserted by any person on\nthe bonds or notes of the cabinet or authority, or any personal liability or\naccountability by reason of the issuance of bonds, notes, insurance, or guarantees; or\nby rea son of acquisition, construction, ownership, or operation of any project\nfunded in whole or part by the cabinet or authority; or by reason of any other action\ntaken or the failure to act by the cabinet or authority;\n(18) Mortgaging or creating security interests in a project or any part of a project, or in a\nlease or loan, or in the rents, revenues, or sums to be paid in favor of the holders of\nthe bonds or notes issued by the cabinet;\n(19) Conveying or releasing a project or any part of a project to a less ee, purchaser, or\nborrower under any agreement after provision has been made for the retirement in\nfull of the bonds or notes issued for that project under the terms and conditions\nprovided in the agreement, or as may be agreed with the holders of the bond s or\nnotes, or as may otherwise be agreed with the holders of the bonds or notes;\n(20) Issuing non-appropriation-supported bonds and notes including, but not limited to,\ncommercial paper, refund bonds, and notes; paying the costs of issuance of bonds\nand notes; paying interest on bonds and notes;\n(21) Making and entering into contracts and agreements necessary or incidental to the\nperformance of its duties and execution of its powers;\n(22) Employing consultants and other persons and employees as may be requ ired in the\njudgment of the board, essential to the cabinet's operations, functions, and\nresponsibilities;\n(23) Providing technical assistance regarding any economic or job development project,\nprogram, or activity;\n(24) Delegating any powers, duties, resp onsibilities, and authority to any division,\nagency, or authority under its control and administration;\n(25) Reorganizing, pursuant to KRS 12.028, any organizational unit or administrative\nbody under its control and jurisdiction;\n(26) Promulgating administ rative regulations, in accordance with KRS Chapter 13A,\ngoverning its powers, duties, and responsibilities as prescribed in this chapter and\ngoverning the powers, duties, and responsibilities delegated to any administrative\nbody transferred to the cabinet by law or otherwise placed within its control and\nresponsibility; and\n(27) Doing all other things necessary or convenient to achieve its objectives and\npurposes which are not explicitly prohibited by statute.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=2600","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:52Z","sha256":"11ff3f562b9d4993a2a3706c33baa498f9d46b3f86f0e2a879b37023c5345965","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.10-020","next":"us-ky/krs-154.10-035"},"notice":"GroundRules: Original legal text. Not legal advice."}