KRS 247.952: Trust agreement to secure obligation.

In the discretion of the corporation, any obligations issued under the provisions of KRS

247.940 to 247.978 may be secured by a trust agreement by and between the corporation

and a corporate trustee, which may be any trust company or bank having powers of a trust

company within or without the Commonwealth. Such trust agreement or the resolution

providing for the issuance of such obligations may pledge or assign all or any part of the

revenues or assets of the corporation, including, without limitation, mor tgage loans,

mortgage loan commitments, contracts, agreements and other security or investment

obligations, the fees or charges made or received by the corporation, the moneys received

in payment of loans and interest thereon, and any other moneys received or to be received

by the corporation. Such trust agreement or resolution may contain such provisions for

protecting and enforcing the rights and remedies of the holders of any such obligations as

may be reasonable and proper and not in violation of law, including covenants setting

forth the duties of the corporation in relation to the purposes to which the obligation

proceeds may be applied, the disposition of the pledging of the revenues or assets of the

corporation, the terms and conditions for the issu ance of additional obligations, and the

custody, safeguarding and application of all moneys. It shall be lawful for any corporate

trustee which may act as depository of the proceeds of obligations, revenues or other

money hereunder to furnish such indemni fying bonds or to pledge such securities as may

be required by the corporation. Any such trust agreement or resolution may set forth the

rights and remedies of the holders of the obligations of the corporation and of the trustee,

and may restrict the indi vidual right of action by any such holders. In addition to the

foregoing, any such trust agreement or resolution may contain such other provisions as

the corporation may deem reasonable and proper for the security and source of payment

of its obligations. All expenses incurred in carrying out the provisions of such trust

agreement or resolution may be paid from the revenues or assets pledged or assigned to

the payment of the principal of and the interest on the obligations or from any other funds

available to the corporation.