{"data":{"id":"us-ky/krs-353.762","jurisdiction":"us-ky","citation":"KRS 353.762","heading":"Discretionary securing of bonds by trust indentures.","body":"In the discretion of the authority, any bonds issued under KRS 353.750 to 353.776 may\nbe secured by a trust indenture or trust indentures by and between the authority and a\ncorporate trustee, which may be any trust company or bank having the powers of a tr ust\ncompany in or outside of Kentucky. The trust indenture or the proceedings providing for\nthe issuance of the bonds may:\n(1) Pledge or assign the rents and other revenues to be received from a particular series\nof bonds as it relates to a trust indenture;\n(2) Contain provisions for protecting and enforcing the rights and remedies of the\nbondholders that are reasonable and proper and not in violation of law, including\ncovenants setting forth the duties of the authority in relation to the acquisition or\nsale of property and the construction, improvement, maintenance, repair, and\ninsurance of the project or projects in connection with which the bonds are\nauthorized; the rates or rental charges; and the custody, safeguarding, and\napplication of all moneys;\n(3) Restrict the individual right of action by bondholders; and\n(4) Contain any other provisions as the authority may deem reasonable and proper for\nthe security of the bondholders.\nIt is lawful for any bank or trust company which may act as depository of the  proceeds of\nbonds or of revenues to furnish indemnifying bonds or pledge securities as may be\nrequired by the rights and remedies of the bondholders and of the trustee. All expenses\nincurred in carrying out the provisions of the trust indenture or proceed ings may be\ntreated as a part of the cost of the project or projects.","path":["KRS Chapter 353"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33156","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:40Z","sha256":"46b2fc23f0459d680f0b00a1eaca3c10d1d2a18359c72f62da8e891b0128c73d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-353.760","next":"us-ky/krs-353.764"},"notice":"GroundRules: Original legal text. Not legal advice."}