{"data":{"id":"us-ky/krs-180.220","jurisdiction":"us-ky","citation":"KRS 180.220","heading":"Trustee to be appointed -- Trust indenture.","body":"(1) Each issue of the bonds shall be further secured by a trust indenture made between\nthe department and a trustee.\n(2) The trustee shall be a trust company or bank having the powers of a trust company,\nhaving its principal office in Kentucky, and at the time  it begins to function as\ntrustee, it shall have a combined capital and surplus of at least one million dollars\n($1,000,000). The trustee shall be satisfactory to the original purchasers of the\nbonds.\n(3) The trust indenture may contain those provisions cu stomarily found in trust\nagreements securing the bonds and debentures of corporations, and shall set forth\nthe duties and covenants of the department in respect to bridges to be constructed or\npurchased and the conservation and application of funds and the  insurance of\nmoney on hand or on deposit and the rights and remedies of the trustee and the\nholders of the bonds, restricting in reasonable manner the individual right of action\nof bondholders in favor of action in their behalf by the trustee and purchasers.","path":["KRS Chapter 180"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5556","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:31Z","sha256":"e02ce1c40e30de276c506267a511052ab222f5a0810d612baf1645bb47322eb2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-180.210","next":"us-ky/krs-180.230"},"notice":"GroundRules: Original legal text. Not legal advice."}