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2009 Kentucky Revised Statutes
CHAPTER 224A KENTUCKY INFRASTRUCTURE AUTHORITY
224A.170 Authority's money deemed to be trust fund.
Download pdfproperties, and assets acquired by the authority, pursuant to this chapter, whether as
proceeds from the sale of authority revenue bonds or notes, or as authority revenues, or
otherwise, shall be deemed to be trust funds, to be held and applied solely as provided by
this chapter; and same shall be held by the authority in trust for the purposes of carrying
out its powers and duties and for the payment of the authority's revenue bonds or notes,
both as to principal and interest, and shall be used and reused as provided in this chapter
and shall at no time be deemed to be public funds of the Commonwealth, or of any
agency or department thereof. The resolutions of the authority authorizing any revenue
bonds or notes, or any trust indenture securing the same, may provide that any such
moneys, funds, properties, and assets may be temporarily invested pending the
disbursement thereof, and shall provide that any officer with whom, or any bank or trust
company with which, any moneys shall be deposited, shall act as trustee of such assets
and shall hold and apply the same for the purposes of this chapter, subject to such
conditions, restrictions, requirements, limitations, and mandatory investment procedures
and requirements as this chapter, and such authorizing resolutions of the authority, or
trust indenture, may provide. Any such moneys, funds, properties, and assets or any other
moneys of the authority may be invested as provided by KRS 386.020, in addition to such
provisions for investment as may be enacted by resolution of the authority. History: Created 1972 Ky. Acts ch. 329, sec. 17.
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