{"data":{"id":"us-ky/krs-181.740","jurisdiction":"us-ky","citation":"KRS 181.740","heading":"Trustee may be selected -- Provisions of trust indenture -- Expenses of","body":"indenture.\n(1) The commission may secure any issue of bonds by a trust indenture between the city\nand a corporate trustee, which may be any trust company or bank having the powers\nof a trust company within or outside of the state, or such corporate trustee and an\nindividual as cotrustee.\n(2) The trust indenture may contain provisions for protecting and enforcing the rights\nand remedies of the bondholders, including covenants setti ng forth the duties of the\ncommission in relation to the acquisition, construction, improvement, maintenance,\noperation and insurance of the bridge, and the custody, safeguarding and application\nof all money.\n(3) The trust indenture may also provide that the bridge shall be acquired, constructed,\nor partly acquired and partly constructed, and paid for under the supervision and\napproval of consulting engineers or other persons employed or designated by the\ncommission and satisfactory to the bondholders, who  may be given the right to\nrequire that the security given by contractors and by any depository of the proceeds\nof the bonds or revenues of the bridge or other money pertaining thereto be\nsatisfactory to them.\n(4) The indenture may set forth the rights an d remedies of the bondholders and trustee,\nrestricting the individual right of action of bondholders as is customary in trust\nindentures securing bonds and debentures of corporations.\n(5) The commission may provide by resolution or by trust indenture for the payment of\nthe proceeds of the sale of the bonds and revenues of the bridge to such officer,\nboard or depository as it may determine for the custody thereof, and may provide\nthe method of disbursement thereof, with such safeguards and restrictions as it finds\nbest.\n(6) All expenses incurred in carrying out the trust indenture may be treated as a part of\nthe cost of maintenance and operation of the bridge affected by the indenture.","path":["KRS Chapter 181"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5648","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:33Z","sha256":"624342ec4d8637abe5f9289ed64097d78d78d629da283051d62cd46c01126cbd","source_id":"us-ky","stale":false,"prev":"us-ky/krs-181.730","next":"us-ky/krs-181.750"},"notice":"GroundRules: Original legal text. Not legal advice."}