Kentucky Statutes 173.050 – Powers of board of trustees
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(1) The board of trustees may, in its corporate name:
(a) Contract and be contracted with, sue and be sued, and have and use a corporate seal, which it may alter at pleasure;
(b) Acquire, by itself or jointly with the city in which the library is located, by gift, purchase or otherwise, and hold, in the same manner, real and personal property to the use of the public library, for the purpose for which it is dedicated;
(c) Use, manage and improve, sell and convey, rent or lease property, and erect suitable buildings.
(2) The board of trustees may mortgage any real or personal property owned by the library to secure any sums borrowed for making repairs or improvements, or paying off any indebtedness it may owe. The mortgage shall not exceed $1,000,000.
History: Amended 1946 Ky. Acts ch. 197, sec. 1. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 2801b-3, 2801b-7.
(a) Contract and be contracted with, sue and be sued, and have and use a corporate seal, which it may alter at pleasure;
Terms Used In Kentucky Statutes 173.050
- City: includes town. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
(b) Acquire, by itself or jointly with the city in which the library is located, by gift, purchase or otherwise, and hold, in the same manner, real and personal property to the use of the public library, for the purpose for which it is dedicated;
(c) Use, manage and improve, sell and convey, rent or lease property, and erect suitable buildings.
(2) The board of trustees may mortgage any real or personal property owned by the library to secure any sums borrowed for making repairs or improvements, or paying off any indebtedness it may owe. The mortgage shall not exceed $1,000,000.
History: Amended 1946 Ky. Acts ch. 197, sec. 1. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 2801b-3, 2801b-7.