Kentucky Statutes 153.420 – Powers and duties of corporation
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The Kentucky Center for the Arts Corporation:
(1) Shall supervise construction of the Kentucky Center for the Arts in conjunction with the Finance and Administration Cabinet, and shall provide all management functions for the facility and for any other property acquired or leased pursuant to its powers under this section;
(2) May take, acquire and hold property, and all interests therein, by deed, purchase, gift, devise, bequest, lease or eminent domain, or by transfer from the State Property and Buildings Commission, and may dispose of any property so acquired in any manner provided by law. In the exercise of its power of eminent domain, it shall proceed in the manner provided in the Eminent Domain Act of Kentucky, KRS
416.540 to 416.680;
(3) May consult or enter into agreements with other segments of the arts and entertainment industry to provide technical, professional, or management support or assistance, consistent with its purpose and mission;
(4) May issue revenue bonds, subject to procedures which shall be established by the Finance and Administration Cabinet, solely payable from the charges, revenues, rentals, and other funds pledged for their payment for the purpose of paying all or any part of the cost of any project or for the acquisition of property;
(5) Shall promote the growth and development of the arts, convention trade, tourism and the hotel industry within Jefferson County and the Commonwealth, through utilization of the Kentucky center and activities authorized in this section to enhance these and the public interest;
(6) May adopt administrative regulations, as provided in KRS Chapter 13A, governing the operation, maintenance or use of property under its custody and control;
(7) May levy a surcharge on tickets for all functions held within the center to contribute to operating revenue;
(8) May receive tax revenues from any governmental unit, and financial contributions of local governments, private persons and foundations;
(9) Shall have exclusive control of all exhibitions, performances and concessions in the Center for the Arts. The corporation shall have a prior lien upon the property of any private exhibitor, concessionaire, or other person holding an exhibition or performance or operating a concession in the center, and may sell such property upon ten (10) days’ notice to satisfy any indebtedness;
(10) Shall develop in conjunction with local hotels, and the arts and entertainment industry, tourist packages including performance and group plans, and shall participate with local hotels and convention bureaus in attracting non-arts related conferences and conventions;
(11) May establish an executive committee from among its membership with full authority to act between its meetings to the extent delegated by the corporation;
(12) May sue and be sued and maintain and defend legal actions in its corporate name; (13) May, if the corporation elects, be exempt from the provisions of KRS § 56.065 to
56.180, and, with the approval of the secretary of the Finance and Administration Cabinet and the Department of Insurance, purchase from the funds allotted to the corporation property insurance for buildings and contents from responsible insurance companies doing business in this state; and
(14) May purchase liability insurance for the protection of the corporation and its employees from liability arising in the operation of the center.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 190, effective July 15, 2010. — Amended
1992 Ky. Acts ch. 66, sec. 1, effective July 14, 1992. — Amended 1990 Ky. Acts ch.
1, sec. 2, effective July 13, 1990. — Amended 1988 Ky. Acts ch. 189, sec. 1, effective July 15, 1988. — Created 1980 Ky. Acts ch. 295, sec. 38, effective July 15, 1980; and ch. 382, sec. 3, effective April 9, 1980.
(1) Shall supervise construction of the Kentucky Center for the Arts in conjunction with the Finance and Administration Cabinet, and shall provide all management functions for the facility and for any other property acquired or leased pursuant to its powers under this section;
Terms Used In Kentucky Statutes 153.420
- Bequest: Property gifted by will.
- 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
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(2) May take, acquire and hold property, and all interests therein, by deed, purchase, gift, devise, bequest, lease or eminent domain, or by transfer from the State Property and Buildings Commission, and may dispose of any property so acquired in any manner provided by law. In the exercise of its power of eminent domain, it shall proceed in the manner provided in the Eminent Domain Act of Kentucky, KRS
416.540 to 416.680;
(3) May consult or enter into agreements with other segments of the arts and entertainment industry to provide technical, professional, or management support or assistance, consistent with its purpose and mission;
(4) May issue revenue bonds, subject to procedures which shall be established by the Finance and Administration Cabinet, solely payable from the charges, revenues, rentals, and other funds pledged for their payment for the purpose of paying all or any part of the cost of any project or for the acquisition of property;
(5) Shall promote the growth and development of the arts, convention trade, tourism and the hotel industry within Jefferson County and the Commonwealth, through utilization of the Kentucky center and activities authorized in this section to enhance these and the public interest;
(6) May adopt administrative regulations, as provided in KRS Chapter 13A, governing the operation, maintenance or use of property under its custody and control;
(7) May levy a surcharge on tickets for all functions held within the center to contribute to operating revenue;
(8) May receive tax revenues from any governmental unit, and financial contributions of local governments, private persons and foundations;
(9) Shall have exclusive control of all exhibitions, performances and concessions in the Center for the Arts. The corporation shall have a prior lien upon the property of any private exhibitor, concessionaire, or other person holding an exhibition or performance or operating a concession in the center, and may sell such property upon ten (10) days’ notice to satisfy any indebtedness;
(10) Shall develop in conjunction with local hotels, and the arts and entertainment industry, tourist packages including performance and group plans, and shall participate with local hotels and convention bureaus in attracting non-arts related conferences and conventions;
(11) May establish an executive committee from among its membership with full authority to act between its meetings to the extent delegated by the corporation;
(12) May sue and be sued and maintain and defend legal actions in its corporate name; (13) May, if the corporation elects, be exempt from the provisions of KRS § 56.065 to
56.180, and, with the approval of the secretary of the Finance and Administration Cabinet and the Department of Insurance, purchase from the funds allotted to the corporation property insurance for buildings and contents from responsible insurance companies doing business in this state; and
(14) May purchase liability insurance for the protection of the corporation and its employees from liability arising in the operation of the center.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 190, effective July 15, 2010. — Amended
1992 Ky. Acts ch. 66, sec. 1, effective July 14, 1992. — Amended 1990 Ky. Acts ch.
1, sec. 2, effective July 13, 1990. — Amended 1988 Ky. Acts ch. 189, sec. 1, effective July 15, 1988. — Created 1980 Ky. Acts ch. 295, sec. 38, effective July 15, 1980; and ch. 382, sec. 3, effective April 9, 1980.