Kentucky Statutes 154.20-033 – Powers of authority — Limitation of liability — Payment of administrative and operational expenses
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(1) The authority shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of Subchapters 20 to 28, 30 to 34, and 60 of this chapter, including but not limited to:
(a) Employing fiscal consultants, attorneys, appraisers, and other agents on behalf of the authority whom the authority deems necessary or convenient for the preparation and administration of agreements and documents necessary or incident to any project. The fees for the services provided by persons employed on behalf of the authority shall be paid by the beneficiary of a loan, grant, assessment, incentive, inducement, or tax credit under this chapter directly to the person providing consultation, advisory, legal or other services; and
(b) Imposing and collecting fees and charges in connection with any transaction and providing for reasonable penalties for delinquent payment of fees and charges.
(2) A director or officer of the authority shall not be subject to any personal liability or accountability by reason of the execution of any obligation duly authorized by the authority.
(3) The authority may accept and expend moneys which may be appropriated from time to time by the General Assembly, or moneys which may be received from any source, including income from the authority’s operations for effectuating its purpose, including without limitation the payment of the expenses of administration and operation.
Effective: July 14, 2018
History: Amended 2018 Ky. Acts ch. 199, sec. 19, effective July 14, 2018. — Amended
2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 29, effective June 26, 2009. — Amended
2008 Ky. Acts ch. 178, sec. 25, effective July 15, 2008. — Created 1996 Ky. Acts ch.
194, sec. 26, effective July 15, 1996.
(a) Employing fiscal consultants, attorneys, appraisers, and other agents on behalf of the authority whom the authority deems necessary or convenient for the preparation and administration of agreements and documents necessary or incident to any project. The fees for the services provided by persons employed on behalf of the authority shall be paid by the beneficiary of a loan, grant, assessment, incentive, inducement, or tax credit under this chapter directly to the person providing consultation, advisory, legal or other services; and
Terms Used In Kentucky Statutes 154.20-033
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
(b) Imposing and collecting fees and charges in connection with any transaction and providing for reasonable penalties for delinquent payment of fees and charges.
(2) A director or officer of the authority shall not be subject to any personal liability or accountability by reason of the execution of any obligation duly authorized by the authority.
(3) The authority may accept and expend moneys which may be appropriated from time to time by the General Assembly, or moneys which may be received from any source, including income from the authority’s operations for effectuating its purpose, including without limitation the payment of the expenses of administration and operation.
Effective: July 14, 2018
History: Amended 2018 Ky. Acts ch. 199, sec. 19, effective July 14, 2018. — Amended
2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 29, effective June 26, 2009. — Amended
2008 Ky. Acts ch. 178, sec. 25, effective July 15, 2008. — Created 1996 Ky. Acts ch.
194, sec. 26, effective July 15, 1996.