{"data":{"id":"us-ky/krs-175.530","jurisdiction":"us-ky","citation":"KRS 175.530","heading":"Trust indenture to secure bonds -- Rights and remedies of bondholders.","body":"In the discretion of the authority, any bonds issued under the provisions of this chapter\nmay be secured by a trust indenture by and between the authority and a corporate trustee,\nwhich may be any trust company or bank having the powers of a trust company within or\nwithout the Commonwealth. Such trust indenture or the proceedings providing for the\nissuance of such bonds may pledge or assign the tolls and other revenues to be received,\nbut shall not convey or mortgage any turnpike project or any part thereof . Such trust\nindenture or proceedings may contain such provisions for protecting and enforcing the\nrights and remedies of the bondholders as may be reasonable and proper and not in\nviolation of law, including covenants setting forth the duties of the autho rity in relation to\nthe acquisition of property and the construction, improvement, maintenance, repair,\noperation and insurance of the turnpike project or projects in connection with which such\nbonds shall have been authorized, the rates of toll or the ren tals to be charged, and the\ncustody, safeguarding and application of all moneys. It shall be lawful for any bank or\ntrust company incorporated under the laws of the Commonwealth which may act as\ndepository of the proceeds of bonds or of revenues to furnish  such indemnifying bonds or\nto pledge such securities as may be required by the authority. Any such trust indenture\nmay set forth the rights and remedies of the bondholders and of the trustee, and may\nrestrict the individual right of action by bondholders.  In addition to the foregoing, any\nsuch trust indenture or proceedings may contain such other provisions as the authority\nmay deem reasonable and proper for the security of the bondholders. All expenses\nincurred in carrying out the provisions of such trust  indenture or proceedings may be\ntreated as a part of the cost of the operation of the turnpike project or projects.","path":["KRS Chapter 175"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5085","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:25Z","sha256":"1c293b4d3b1eee4a66041af014b8e63a8bb2d4cba6d7eb0820ee1331de9d4d29","source_id":"us-ky","stale":false,"prev":"us-ky/krs-175.525","next":"us-ky/krs-175.540"},"notice":"GroundRules: Original legal text. Not legal advice."}