KRS 82.160: Security for revenue bonds through trust indenture.

In the discretion of the city any bonds issued under the provisions of KRS 82.140 to

82.165 may be secured by a trust indenture by and between the city 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 revenues to be received; but shall

not convey or mortgage any project or any part thereof, except in the case of bonds issued

through the agency and instrumentality of a nonprofit corporation organized under the

general corporation laws of the Commonwealth, in which case there may be a conveyance

or mortgage if such corporation be thereunto authorized by the governing bo dy of the

city. 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 dutie s of the city 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 shall have been authorized, the rates of the rentals to be charged, and the custody,

safeguarding and application of all moneys, if such covenants shall be appropriate to the

issue. It shall be lawful for any bank or trust company incorporated under the laws of the

Commonwealth which may act as depository of th e proceeds of bonds or of revenues to

furnish such indemnifying bonds or to pledge such securities as may be required by the

city. Any such trust indenture may set forth the rights and remedies of the bondholders

and of the trustee, and may restrict the in dividual right of action by bondholders. In

addition to the foregoing, any such trust indenture or proceedings may contain such other

provisions as the city may deem reasonable and proper for the security of the

bondholders. All expenses incurred in carryi ng out the provisions of such trust indenture

or proceedings may be treated as a part of the cost of the project or projects.