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224A.170 Authority's money deemed to be trust fund.
Notwithstanding any other provisions of law to the contrary, all moneys, funds,
properties, 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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