216.817 Bonds may be secured by trust indenture.
In the discretion of the authority, any bonds issued under the provisions of KRS 216.800
to 216.853 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, operation, 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. 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, and may restrict the individual right of action by
bondholders. 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 operation of the project or
projects.
Effective: June 13, 1968
History: Created 1968 Ky. Acts ch. 132, sec. 8, effective June 13, 1968.
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