{"data":{"id":"us-ky/krs-177.460","jurisdiction":"us-ky","citation":"KRS 177.460","heading":"Trust agreement to secure bonds -- Rights and remedies of bondholders.","body":"In the discretion of the department, any bonds issued under the provisions of KRS\n177.390 to 177.570 may be secured by a trust agreement by and between the department\nand a corporate trustee, which may be any trust company or bank having the powers of a\ntrust company within or without the Commonwealth. Such trust agreement or the\nproceedings providing for the issuance of such bonds may pledge or assign the tolls and\nother revenues to be received, but shall not convey or mortgage any turnpike project or\nany part thereof. Such trust agreement or proceedings providing for the issuance of such\nbonds may contain such provisions for protecting and enforcing the rights and remedies\nof the bondholders as may be reasonable and proper and not in violation of law, including\ncovenants setting forth the duties of the department in relation to the acquisition of\nproperty and the construction, improvement, maintenance, repair, operation and insurance\nof the turnpike project or projects in connection with which such bonds sh all have been\nauthorized, the rates of toll to be charged, and the custody, safeguarding and application\nof all moneys. It shall be lawful for any bank or trust company incorporated under the\nlaws of the Commonwealth which may act as depository of the proc eeds of bonds or of\nrevenues to furnish such indemnifying bonds or to pledge such securities as may be\nrequired by the department. Any such trust agreement may set forth the rights and\nremedies of the bondholders and of the trustee, and may restrict the in dividual right of\naction by bondholders. In addition to the foregoing, any such trust agreement or\nproceedings may contain such other provisions as the department may deem reasonable\nand proper for the security of the bondholders. All expenses incurred in carrying out the\nprovisions of such trust agreement or proceedings may be treated as a part of the cost of\nthe operation of the turnpike project or projects.","path":["KRS Chapter 177"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5332","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:29Z","sha256":"28303134b271b2a386da400c3d8a0f71882f470b5f90e6f1b58e45770f48c3cf","source_id":"us-ky","stale":false,"prev":"us-ky/krs-177.450","next":"us-ky/krs-177.470"},"notice":"GroundRules: Original legal text. Not legal advice."}