Kentucky Statutes 154.20-540 – Powers of insurance corporation
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The insurance corporation shall be empowered by its articles:
(1) To contract with the authority to insure loans, bonds or their debt service, made by any lender or issuer to finance the acquisition, construction or alteration of any eligible project;
(2) To enter into agreements for such insurance;
(3) To fix a rate or rates of premiums to be paid for such insurance by the person or corporation assisted, which premiums shall be fixed to take into account the fact that the authority has paid an assistance fee to the insurance corporation as an assistance to the person or corporation whose loan or bond is being insured; and
(4) To exercise such other powers as are necessary or incidental to the foregoing.
Effective: July 15, 1986
History: Amended 1986 Ky. Acts ch. 201, sec. 7, effective July 15, 1986. — Amended
1980 Ky. Acts ch. 340, sec. 18, effective July 15, 1980. — Created 1978 Ky. Acts ch.
96, sec. 16, effective July 1, 1978.
Formerly codified as KRS § 154.560
(1) To contract with the authority to insure loans, bonds or their debt service, made by any lender or issuer to finance the acquisition, construction or alteration of any eligible project;
Terms Used In Kentucky Statutes 154.20-540
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Person: means an individual, partnership, joint venture, military facility operated by a department or agency of the United States, profit or nonprofit corporation including a public or private college or university, limited liability company, or other entity or association of persons organized for agricultural, commercial, health care, or industrial purposes. See Kentucky Statutes 154.1-010
- Project: includes but is not limited to agribusiness, agricultural or forestry production, harvesting, storage, or processing facilities or equipment. See Kentucky Statutes 154.1-010
(2) To enter into agreements for such insurance;
(3) To fix a rate or rates of premiums to be paid for such insurance by the person or corporation assisted, which premiums shall be fixed to take into account the fact that the authority has paid an assistance fee to the insurance corporation as an assistance to the person or corporation whose loan or bond is being insured; and
(4) To exercise such other powers as are necessary or incidental to the foregoing.
Effective: July 15, 1986
History: Amended 1986 Ky. Acts ch. 201, sec. 7, effective July 15, 1986. — Amended
1980 Ky. Acts ch. 340, sec. 18, effective July 15, 1980. — Created 1978 Ky. Acts ch.
96, sec. 16, effective July 1, 1978.
Formerly codified as KRS § 154.560