KRS 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 autho rity 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 ren tals 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.