{"data":{"id":"us-ky/krs-67a.920","jurisdiction":"us-ky","citation":"KRS 67A.920","heading":"Powers of parking authority.","body":"(1) Each parking authority created under the authority of KRS 67A.914 shall constitute\na public body, corporate and politic, and shall have the following powers in addition\nto the others granted:\n(a) To sue and be sued; to have a seal; to make and execute con tracts and other\ninstruments necessary or convenient to the exercise of its powers;\n(b) To make, and from time to time amend and repeal bylaws, rules and\nregulations in order to effect the purpose of this chapter;\n(c) To hire and maintain such staff personnel as may be required;\n(d) To purchase, lease, obtain option upon, acquire by gift, grant, bequest, devise\nor otherwise, any real or personal property, including air space, or any interest\ntherein, together with any improvements thereon; to demolish bu ildings and\nclear improvements from any of its real property and dispose of any personal\nproperty resulting therefrom; to dispose of any real or personal property at its\nfair value; to rent, lease, construct, maintain, manage, operate, repair parking\nfacilities and structures and other real property located within or within\nreasonable proximity to the parking districts;\n(e) To borrow from and to accept loans and grants from the federal, state, urban -\ncounty governments or any agency thereof, or from any sou rces, public or\nprivate, and to pledge such security as may be required;\n(f) To invest any funds held in reserves or sinking funds or any funds not required\nfor immediate disbursements, in property or securities in which savings banks\nmay legally invest f unds subject to their control; to purchase its bonds at a\nprice not more than the principal amount thereof and accrued interest, all\nbonds so purchased to be cancelled;\n(g) To plan, design and locate parking facilities and structures at, below, or above\nthe surface of the earth;\n(h) To contract with any suitable and qualified person, firm or corporation for\nconstruction or for operation of any parking facility or structure as is found to\nbe in the public interest;\n(i) To covenant as to the use of any or all of its real or personal property; and to\ncovenant as to the maintenance of its real and personal property the\nreplacement thereof, the insurance to be carried thereon and the use and\ndisposition of insurance moneys;\n(j) To covenant as to the rights, l iabilities, powers and duties arising upon the\nbreach of any covenant, condition, or obligation; and to covenant and\nprescribe as to events of default and terms and conditions upon which any or\nall of its bonds or obligations shall become or may be declare d due before\nmaturity, and as to the terms and conditions upon which such declaration and\nits consequences may be waived;\n(k) To vest in a trustee or trustees or the holders of bonds or any proportion of\nthem the right to enforce the payment of the bonds or trustees the right in the\nevent of a default by said agency, to take possession of any project or part\nthereof, and to collect the rents and revenues arising therefrom, or due the\nagency in connection therewith, and to dispose of such moneys in accordan ce\nwith the agreement of the agency with said trustee; to provide for the powers\nand duties of a trustee or trustees and to limit the liabilities thereof; and to\nprovide the terms and conditions upon which the trustee or trustees of the\nholders of bonds or  any proportion of them may enforce any covenant or\nrights securing or relating to the bonds;\n(l) To exercise all or any part or combination of the powers herein granted; to\nmake covenants other than and in addition to the covenants herein expressly\nauthorized of like or different character; to make such covenants and to do any\nand all such acts and things as may be necessary or convenient or desirable in\norder to secure its bonds, or, in the discretion of said agency, except as\notherwise provided in this chapter, as will tend to make the bonds more\nmarketable notwithstanding that such covenants, acts, or things may not be\nenumerated herein.\n(2) The bonds, notes and other obligations of an authority are declared to be issued for\nan essential public and gov ernment purpose, and together with interest thereon and\nincome therefrom shall be exempt from all taxes.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23983","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:29Z","sha256":"14627039fd5939d7def905b1767f1a27abb479f6f616cca88d657a230938a220","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.918","next":"us-ky/krs-67a.921"},"notice":"GroundRules: Original legal text. Not legal advice."}