KRS 175B.075: Moneys received under chapter are trust funds -- Permitted investment

of project revenue bond proceeds.

(1) All moneys received under this chapter, whether as proceeds from the sale of

project revenue bonds or revenues, shall be trust funds to be held and applied solely

as provided in this chapter. The trust indenture or any other document authorizing

the issuance of project revenue bonds or the collection of any revenues shall provide

that any officer, bank, or trust company with which the moneys are deposited shall

act as trustee of the moneys and shall hold and apply them for the purposes outlined

in this chapter, subject to the provisions of this chapter and the proceedings or trust

indenture.

(2) The proceeds of project revenue bonds shall only be invested in direct obligations of

the United States of America and direct federal agency obligations or other similar

obligations to the extent that the full faith and credit of the United States of America

is pledged for the timely payment thereof. Direct obligations shall include money

market mutual funds that invest solely in the obligations referenced in this

subsection.