{"data":{"id":"us-ky/krs-184.373","jurisdiction":"us-ky","citation":"KRS 184.373","heading":"Trust agreements -- Conditions.","body":"(1) In the discretion of the board of trustees of a transportation improvement district,\nany bonds may be secured by a trust agreement between the board and a corporate\ntrustee, which may be any trust company or bank having the powers of a trust\ncompany within or without the state but authorized to exercise trust powers within\nthis state.\n(2) Any trust agreement may pledge or assign the revenues to be received, but shall not\nconvey or mortgage any project or any part thereof. Any trust agreement or other\nbond p roceedings may contain provisions for protecting and enforcing the rights\nand remedies of the bondholders as are reasonable and proper and not in violation\nof law, including covenants setting forth the duties of the board in relation to the\nacquisition of property, the construction, maintenance, and repair of the project or\nprojects in connection with which the bonds are authorized and the custody,\nsafeguarding, application of all moneys, and provisions for the employment or\nretention of the services of consulting engineers in connection with the construction,\nmaintenance, or repair of the project or projects. Any bank or trust company\nincorporated under the laws of this state which may act as depository of the\nproceeds of bonds or of revenues may furnish su ch indemnifying bonds or may\npledge such securities as are required by the board. Any such trust agreement may\nset forth the rights and remedies of the bondholders and of the trustee, may restrict\nthe individual right of action by bondholders as is customa ry in revenue bond trust\nagreements of public bodies, and may contain other provisions as the board\nconsiders reasonable and proper for the security of the bondholders. All expenses\nincurred in entering into or carrying out the provisions of any trust agre ement may\nbe treated as a part of the cost of the project or projects.","path":["KRS Chapter 184"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53022","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:36Z","sha256":"1882fcdb0a4ed457ad72abb165f72f67765b6d5821f6cae561a5bd2a3bbfa8f4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-184.370","next":"us-ky/krs-184.375"},"notice":"GroundRules: Original legal text. Not legal advice."}