{"data":{"id":"us-ky/krs-103.251","jurisdiction":"us-ky","citation":"KRS 103.251","heading":"Mortgage deed of trust by issuer of bonds.","body":"Notwithstanding the provisions of KRS 103.250, it may be provided in the  proceedings\nauthorizing bonds issued under the terms of KRS 103.200 to 103.285, inclusive, that the\nissuer, in connection with the issuance of its bonds, execute a mortgage deed of t rust in\nfavor of the trustee on the project acquired or constructed through the application of the\nproceeds of the bonds, providing that in the event of default by the issuer in the payment\nof interest on or principal of its bonds, or in the event of defau lt of any other covenant\ncontained in such mortgage deed of trust, the trustee, upon behalf of the bondholders,\nmay institute and carry through foreclosure proceedings in which the property secured by\nthe mortgage deed of trust may be sold, the proceeds of  such sale to be applied to the\npayment of the bonds and any interest or premium due thereon, and to the costs of the\nproceedings.  In connection with such plan of financing, such provisions may be inserted\nin the bonds themselves and in the mortgage deed of trust as may be necessary to protect\nthe bondholders and to make such bonds salable with the lowest net interest cost to the\nissuer.  If the issuer declares its intent by ordinance or resolution to follow the provisions\nof this section the statutory mor tgage lien provided in KRS 103.250 shall not attach and\nall other provisions of KRS 103.200 to 103.285, inclusive, which are necessarily\ninconsistent with the mortgage deed of trust shall be inapplicable to the extent of such\nnecessary inconsistency.","path":["KRS Chapter 103"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=27011","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:07Z","sha256":"0ef906d8626ad3132a69fca6f42227b89563de9356df87e6eedd4bd1cea448bd","source_id":"us-ky","stale":false,"prev":"us-ky/krs-103.250","next":"us-ky/krs-103.260"},"notice":"GroundRules: Original legal text. Not legal advice."}