{"data":{"id":"us-ky/krs-175b.070","jurisdiction":"us-ky","citation":"KRS 175B.070","heading":"Project revenue bonds may be secured by trust agreement -- Permissible","body":"provisions.\n(1) (a) Any project revenue bonds issued under this chapter may be secured by a trust\nagreement by and between the issuing authority and a corporate trustee, which\nmay be any trust company or bank having the powers of a trust company\nwithin or without the Commonwealth. Subject to the restrictions established\nin KRS 175B.060, the trust indenture or other document providing for the\nissuance of the project revenue bonds ma y pledge or assign the tolls and other\nrevenues to be received, but shall not convey or mortgage any project or any\npart of a project.\n(b) The trust indenture or other document may contain any provisions for\nprotecting and enforcing the rights and remedies  of the bondholders as are\nreasonable and proper and not in violation of law, including covenants setting\nforth the duties of the developing authority and the issuing authority in\nrelation to the acquisition of property and the construction, improvement,\nmaintenance, repair, operation, and insurance of the project for which the\nproject revenue bonds were authorized; the rates of toll or rentals to be\ncharged; and the custody, safeguarding, and application of all moneys.\n(2) Any bank or trust company incorpo rated under the laws of the Commonwealth\nwhich acts as depository of the proceeds of project revenue bonds or of revenues\nmay furnish indemnifying project revenue bonds or pledge securities as the issuing\nauthority requires. Any such trust indenture may set forth the rights and remedies of\nthe bondholders and of the trustee, and may restrict the individual right of action by\nbondholders. Any trust indenture or proceedings may contain any other provisions\nthat the issuing authority deems reasonable and prope r for the security of the\nbondholders. All expenses incurred in carrying out the provisions of the trust\nindenture or proceedings may be treated as a part of the cost of the operation of the\nproject.","path":["KRS Chapter 175B"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5147","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:26Z","sha256":"aa3daee7c3c2855dbd586d28fb9156a429fe768269223ea2dabce400fdeef2ee","source_id":"us-ky","stale":false,"prev":"us-ky/krs-175b.065","next":"us-ky/krs-175b.075"},"notice":"GroundRules: Original legal text. Not legal advice."}