Download as PDF
175.530 Trust indenture to secure bonds -- Rights and remedies of
bondholders.
In the discretion of the authority, any bonds issued under the provisions of this
chapter 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 within or without the Commonwealth. Such trust indenture or the
proceedings providing for the issuance of such bonds may pledge or assign the tolls
and other revenues to be received, but shall not convey or mortgage any turnpike
project or any part thereof. Such trust indenture or proceedings may contain such
provisions for protecting and enforcing the rights and remedies of the bondholders
as may be 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
turnpike project or projects in connection with which such bonds shall have been
authorized, the rates of toll or the rentals to be charged, and the custody,
safeguarding and application of all moneys. It shall be lawful for any bank or trust
company incorporated under the laws of the Commonwealth 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 authority. Any such
trust indenture may set forth the rights and remedies of the bondholders and of the
trustee, and may restrict the individual right of action by bondholders. In addition to
the foregoing, 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
turnpike project or projects.
Effective:Marach 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 13, effective March 25, 1960.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.