In any contract or amendatory or superseding contract for a loan and annual contributions heretofore or hereafter entered into between a housing authority (including any housing authority created under KRS § 80.010 to KRS § 80.250) and the federal government with respect to any housing undertaken by said housing authority, any such housing authority is authorized to make such covenants (including covenants with holders of obligations of said authority issued for purposes of the housing project involved), and to confer upon the federal government such rights and remedies, as said housing authority deems necessary to assure the fulfillment of the purposes for which the housing was undertaken. In any such contract, the housing authority may, notwithstanding any other provisions of law, agree to sell and convey the housing (including all lands appertaining thereto) to which such contract relates to the federal government upon the occurrence of such conditions, or upon such defaults on obligations for which any of the annual contributions provided in said contract are pledged, as may be prescribed in such contract, and at a price (which may include the assumption by the federal government of the payment, when due, of the principal of and interest on outstanding obligations of the housing authority issued for purposes of the housing project involved) determined as prescribed therein and upon such other terms and conditions as are therein provided. Any such housing authority is hereby authorized to enter into such supplementary contracts, and to execute such conveyances, as may be necessary to carry out the provisions hereof. Notwithstanding any other provisions of law, any contracts or supplementary contracts or conveyances made or executed pursuant to the provisions of this section shall not be or constitute a mortgage within the meaning or for the purpose of any of the laws of this Commonwealth.
Effective: July 13, 1984

Terms Used In Kentucky Statutes 80.610

  • authority: means any housing authority created pursuant to this chapter. See Kentucky Statutes 80.010
  • Contract: A legal written agreement that becomes binding when signed.
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • Federal government: includes the United States of America, the United States housing authority and its successor agencies, and any other agency or instrumentality of the United States of America. See Kentucky Statutes 80.010
  • Housing: means a building or buildings containing rooms to be provided as living quarters, together with shops, stores, garages, laundries, doctors' and dentists' offices, and other facilities and appurtenances deemed reasonably necessary by the housing authority to the successful and economical operation of the project. See Kentucky Statutes 80.010
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

History: Amended 1984 Ky. Acts ch. 361, sec. 39, effective July 13, 1984. — Created
1942 Ky. Acts ch. 70, sec. 31.

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