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441.650 Trust indenture to secure bonds.
In the discretion of the authority, any bonds issued under the provisions of KRS
441.625 to 441.695 may be secured by a trust indenture by and between the
authority and a corporate trustee, which may be any trust company or bank having
the powers of a trust company in or outside of Kentucky. Such trust indenture or the
proceedings providing for the issuance of such bonds may pledge or assign the
rents and other revenues to be received. The trust indenture or proceedings may
contain provisions for protecting and enforcing the rights and remedies of the
bondholders which are reasonable and proper and not in violation of law, including
covenants setting forth the duties of the authority in relation to the acquisition of
property and the construction, improvement, maintenance, repair, and insurance of
the project or projects in connection with which such bonds are authorized, the rates
or rental charges, and the custody, safeguarding and application of all moneys, and
may restrict the individual right of action by bondholders. It is lawful for any bank or
trust company which may act as depository of the proceeds of bonds or of revenues
to furnish such indemnifying bonds or to pledge such securities as may be required
by the rights and remedies of the bondholders and of the trustee. In addition, any
such trust indenture or proceedings may contain such other provisions as the
authority may deem reasonable and proper for the security of the bondholders. All
expenses incurred in carrying out the provisions of such trust indenture or
proceedings may be treated as a part of the cost of the project or projects.
Effective:July 15, 1982
History: Created 1982 Ky. Acts ch. 235, sec. 10, effective July 15, 1982.
2012-2014 Budget Reference. See State/Executive Branch Budget, 2012 Ky. Acts
ch. 144, Pt. I, H, 5, c, (2) at 1130.
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