2013 Kentucky Revised Statutes CHAPTER 181 - COUNTY AND CITY BRIDGES, TUNNELS, AND FERRIES 181.740 Trustee may be selected -- Provisions of trust indenture -- Expenses of indenture.
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181.740 Trustee may be selected -- Provisions of trust indenture -- Expenses
of indenture.
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The commission may secure any issue of bonds by a trust indenture between
the city and a corporate trustee, which may be any trust company or bank
having the powers of a trust company within or outside of the state, or such
corporate trustee and an individual as cotrustee.
The trust indenture may contain provisions for protecting and enforcing the
rights and remedies of the bondholders, including covenants setting forth the
duties of the commission in relation to the acquisition, construction,
improvement, maintenance, operation and insurance of the bridge, and the
custody, safeguarding and application of all money.
The trust indenture may also provide that the bridge shall be acquired,
constructed, or partly acquired and partly constructed, and paid for under the
supervision and approval of consulting engineers or other persons employed or
designated by the commission and satisfactory to the bondholders, who may
be given the right to require that the security given by contractors and by any
depository of the proceeds of the bonds or revenues of the bridge or other
money pertaining thereto be satisfactory to them.
The indenture may set forth the rights and remedies of the bondholders and
trustee, restricting the individual right of action of bondholders as is customary
in trust indentures securing bonds and debentures of corporations.
The commission may provide by resolution or by trust indenture for the
payment of the proceeds of the sale of the bonds and revenues of the bridge to
such officer, board or depository as it may determine for the custody thereof,
and may provide the method of disbursement thereof, with such safeguards
and restrictions as it finds best.
All expenses incurred in carrying out the trust indenture may be treated as a
part of the cost of maintenance and operation of the bridge affected by the
indenture.
Effective:October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from
Ky. Stat. sec. 3235g-19.
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