{"data":{"id":"us-ky/krs-247.946","jurisdiction":"us-ky","citation":"KRS 247.946","heading":"Powers of corporation.","body":"The corporation shall have all of the powers necessary or convenient to carry out and\neffectuate the purposes and provisions of KRS 247.940 to 247.978 including, but without\nlimiting the generality of the foregoing, the power:\n(1) To adopt bylaws for the r egulation of its affairs and the conduct of its business and\nto prescribe rules, administrative regulations, and policies in connection with the\nperformance of its functions and duties;\n(2) To review the projects authorized to be financed by KRS 247.940 to  247.978 in\norder to determine the following:\n(a) The qualifications of the applicant as a party entitled to financing assistance\nunder the provisions of KRS 247.940 to 247.978 and the rules and\nadministrative regulations of the corporation;\n(b) The qualif ications of the applicant in the areas of experience, training, and\nfinancial ability in relation to the project for which assistance is sought and\nany other areas as the corporation shall determine necessary and desirable in\nimplementing the intent of KRS  247.940 to 247.978 in the promotion of\nagriculture throughout the Commonwealth. Analysis shall include a careful\nevaluation of character, experience, record, and prospects for sound financial\nmanagement and sound operation of the project. Financial abilit y factors to be\nconsidered shall include the applicant's total assets controlled, equity owned,\ncontingent liabilities, history of earnings to date, and repayment capacity, as\nwell as other factors set by the corporation. Consideration may be given to the\nspecial needs of beginning farmers;\n(c) The economic need for the project in the area based upon general economic\nconditions and unemployment in the region;\n(d) The economic soundness of the project based upon generally accepted cost -\nbenefit methodology; and\n(e) Consistency of the project with other policies of the Commonwealth designed\nto ensure a sustained land base for agriculture including preservation of prime\nfarmland and promotion of soil conservation techniques for protection of\nfarmland;\n(3) To iss ue from time to time bonds, notes, bond anticipation notes, renewal notes,\nrefunding bonds, interim certificates, certificates of indebtedness, debentures,\nwarrants, commercial paper, or other obligations or evidence of indebtedness,\nhereinafter collectively referred to as \"bonds\" or \"notes,\" to provide funds for and to\nfulfill and achieve its authorized public functions or corporate purposes, as set forth\nin the provisions of KRS 247.940 to 247.978; and in addition to the powers\nconferred hereunder, to hav e all the authority delegated to cities and counties\npursuant to the provisions of KRS 103.200 to 103.285; provided, however, that\nbonds or notes issued by the corporation shall not be subject to the jurisdiction or\napproval of the Industrial Revenue Bond Oversight Committee or the State Property\nand Buildings Commission but shall be subject to the review of the Office of\nFinancial Management in the Office of the Controller within the Finance and\nAdministration Cabinet;\n(4) To make or participate in the mak ing of insured mortgage loans to qualified\napplicants for the purpose of purchasing agricultural real estate and improvements;\n(5) To purchase or participate in the purchase of mortgage loans made to qualified\napplicants for the purpose of purchasing agricultural real estate and improvements;\n(6) To make or participate in the making of loans to qualified applicants for the purpose\nof purchasing machinery, equipment, and livestock;\n(7) To purchase or participate in the purchase of loans to qualified applican ts for the\npurpose of purchasing machinery, equipment, and livestock;\n(8) To make or participate in the making or to purchase or participate in the purchase of\nloans to qualified applicants for the purpose of leasing equipment, introducing new\nagricultural commodities or enhancing agricultural markets;\n(9) To collect and pay reasonable fees and charges in conn ection with making,\npurchasing, and servicing its loans, notes, bonds, commitments, and other evidences\nof indebtedness;\n(10) To acquire real and personal property, or any interest therein, by purchase,\nforeclosure, lease, sublease, or otherwise; to own, m anage, and operate real and\npersonal property; to sell, assign, exchange, transfer, convey, lease, mortgage, or\notherwise dispose of or encumber real and personal property where necessary or\nappropriate to the purposes of the corporation subject to the rig hts of holders of the\nbonds of the corporation, at public or private sale, with or without public bidding;\n(11) To sell, at public or private sale, all or any part of any real estate mortgage or chattel\nmortgage or other instrument or document securing any  loan permitted by KRS\n247.940 to 247.978;\n(12) To procure insurance against any loss in connection with its operations in the\namounts and from any insurers, as it may deem necessary or desirable;\n(13) To consent, whenever the corporation deems necessary o r desirable in the\nfulfillment of its corporate purposes, to the modification of interest rates, time of\npayment of principal or interest, or any other terms of any loan, contract, or\nagreement of any kind to which the corporation is a party;\n(14) To include in any borrowing those amounts deemed necessary by the corporation to\npay financing charges, capitalized interest, consultant, advisory, and legal fees and\nany other expenses necessary or incident to any borrowing;\n(15) To make and publish administrative regulations respecting its lending programs and\nany other rules and regulations as are necessary to effectuate its corporate purposes;\n(16) To make, execute, and effectuate any and all agreements or other documents with\nany governmental agency or any per son, corporation, association, partnership, or\nother organization or entity, necessary to accomplish the purposes of KRS 247.940\nto 247.978;\n(17) To accept gifts, devises, bequests, grants, loans, appropriations, and other assistance\nand any other aid from  any source whatsoever and to agree to and to comply with\nconditions attached thereto;\n(18) To sue and be sued in its own name and in the name of any subsidiary corporation\nor entity which may be created pursuant to subsection (28) of this section;\n(19) To maintain an office in the city of Frankfort and at any other place or places as it\nmay determine;\n(20) To employ fiscal consultants, engineers, attorneys, appraisers, and such other agents\nand employees as may be required in the judgment of the corporation and to fix and\npay their compensation from funds available to the corporation therefor;\n(21) To invest any funds held in sinking funds, reserve funds, or trust fund accounts or\nany moneys not required for immediate disbursement by the corporation in:\n(a) Obligations of or guaranteed by the Commonwealth, United States of America\nor their respective agencies and instrumentalities;\n(b) Certificates of deposit and other evidences of deposit at state and federal\nchartered banks and savings and loan association s, fully collateralized as to\nany principal amount in excess of the amount insured by the United States\ngovernment or any agency thereof;\n(c) A guaranteed investment or similar contract, which provides for the\ninvestment of funds at a guaranteed rate of re turn, with an insurance company\nor depository financial institution with a claim paying rating of no less than\neither of the two (2) highest grades given by a nationally recognized rating\nagency; and\n(d) Any other investment authorized by law for the inves tment of funds of the\nCommonwealth;\n(22) Subject to the rights of holders of bonds of the corporation, to renegotiate,\nrefinance, or foreclose on any mortgage, security interest, or lien; or commence any\naction to protect or enforce any right or benefit co nferred upon the corporation by\nany law, mortgage, security interest, lien, contract, or other agreement; and bid for\nand purchase property at any foreclosure or at any other sale or otherwise acquire or\ntake possession of any property; and in any such eve nt, the corporation may\ncomplete, administer, pay the principal of and interest on any obligation incurred in\nconnection with the property, dispose of and otherwise deal with the property in any\nmanner as may be necessary or desirable to protect the interest of the corporation or\nof holders of its bonds therein;\n(23) To insure, coinsure, reinsure, or cause to be insured, coinsured or reinsured,\nagricultural loans, mortgage loans, or mortgages, or any other type of loans, and pay\nor receive premiums on insur ance, coinsurance, or reinsurance, and establish\nreserves for losses, and participate in the insurance, coinsurance, or reinsurance of\nagricultural loans, mortgage loans or mortgages, or any other type of loans with the\nfederal or state government or any private insurance company;\n(24) To undertake and carry out or authorize the completion of studies and analyses of\nagricultural conditions and needs within the Commonwealth and needs relating to\nthe promotion of agricultural exports and ways of meeting the n eeds, and make the\nstudies and analyses available to the public and to the agricultural industry, and to\nengage in research or disseminate information on agriculture and agricultural\nexports;\n(25) To accept federal, state, or private financial or technical  assistance and comply with\nany conditions for assistance, provided that those conditions are not in conflict with\nthe intent of the provisions of KRS 247.940 to 247.978;\n(26) To purchase, discount, sell, negotiate and guarantee, insure, co -insure and rein sure\nnotes, drafts, checks, bills of exchange, acceptances, bankers' acceptances, cable\ntransfers, letters of credit, and other evidence of indebtedness;\n(27) To serve as the beneficiary of any public trust; and\n(28) To create such subsidiary corporations or entities as may be necessary to borrow\nmoney, insure or reinsure agricultural loans, or issue bonds.","path":["KRS Chapter 247"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=11858","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:00Z","sha256":"d12355e8a89e15c0c3a2d33252cdb726d8131ab5e588ded4c2ec41c7fa4b85d7","source_id":"us-ky","stale":false,"prev":"us-ky/krs-247.944","next":"us-ky/krs-247.9471"},"notice":"GroundRules: Original legal text. Not legal advice."}