{"data":{"id":"us-ky/krs-224a.130","jurisdiction":"us-ky","citation":"KRS 224A.130","heading":"Trust indentures.","body":"(1) In the discretion of the authority, any revenue bonds or notes issued under the\nprovisions of this chapter may be secured by a trust indenture by and between the\nauthority and a corporate trustee which may be any trust company or bank having\nthe powers of a trust company within or without the State of Kentucky. Such trust\nindenture, or the resolution of the authority providing for the issuance of such\nrevenue bonds or notes, may pledge or assign for the security of such revenue bonds\nor notes, all or any pa rt of the totality of authority revenues received and to be\nreceived. Such trust indenture or resolution of the authority may contain such\nprovisions for protecting and enforcing the rights and remedies of the bondholders\nas may be reasonable and proper, a nd not in violation of law, including, inter alia,\ncovenants and provisions setting forth the duties of the authority in relation to the\npurposes to which revenue bond and note proceeds may be applied; the disposition\nor pledging of assets and authority re venues; and the custody, safeguarding, and\napplication of all authority revenues. It shall be lawful for any bank or trust\ncompany incorporated under the laws of the state which may act as depository of\nthe proceeds of revenue bonds, notes or of authority revenues, to furnish such\nindemnifying bonds, or to pledge such securities as may be required by such trust\nindenture or resolution of the authority. Any such trust indenture or authority\nresolution may set forth the rights and remedies of the bondholders and of the\ntrustee, and may restrict the individual right of action by bondholders, where a trust\nindenture has been entered into. In addition to the foregoing, any such trust\nindenture or authority resolution may contain such other provisions as the autho rity\nmay determine to be reasonable and proper for the further security of the holders of\nany revenue bonds or notes. All expenses incurred in carrying out the provisions of\nsuch trust indenture or bond proceedings may be treated as a part of the cost of\noperating the authority, and may be paid from authority revenues pledged or\nassigned to the payment of the principal of and the interest on revenue bonds or\nnotes, or from any other funds properly available to the authority.\n(2) Notwithstanding any other pr ovision to the contrary, any such trust indenture or\nauthority resolution shall provide that, except to the extent the rights afforded to\nbondholders by this section shall be enforceable and enforced by a trustee under a\ntrust indenture rather than by the bondholders, any holder of revenue bonds or notes\nissued by the authority or any of the coupons appurtenant thereto, may, either at law\nor in equity, by suit, action, mandamus, or other proceedings, protect and enforce\nany and all rights generally arising under the laws of the state, or granted under this\nchapter, or under such trust indenture, or by the resolution of the authority\nauthorizing the issuance of such revenue bonds or notes, and may specifically\nenforce and compel by mandamus the performance of  all duties required by this\nchapter, or by such trust indenture, or such authority resolution, to be performed by\nthe authority or by any officer or employee thereof, including, inter alia, the prompt\nand full enforcement of the terms and conditions of al l assistance agreements, to\nwhich the authority is a party.","path":["KRS Chapter 224A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=10573","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:52:43Z","sha256":"e841e83d2f5e753a6e2ff51d257f41f0d072bb03ec73245174d7da402571674b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-224a.120","next":"us-ky/krs-224a.140"},"notice":"GroundRules: Original legal text. Not legal advice."}