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2017 Kentucky Revised Statutes
CHAPTER 216 - HEALTH FACILITIES AND SERVICES
.817 Bonds may be secured by trust indenture.

Universal Citation: KY Rev Stat § 216.817 (2017)
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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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