{"data":{"id":"us-ky/krs-441.650","jurisdiction":"us-ky","citation":"KRS 441.650","heading":"Trust indenture to secure bonds.","body":"In the discretion of the authority, any bonds issued under the provisions of KRS 441.625\nto 441.695 may be secured by a trust indenture by and between the authority and a\ncorporate trustee, which may be any trust company or bank having the powers of a trus t\ncompany in or outside of Kentucky. Such trust indenture or the proceedings providing for\nthe issuance of such bonds may pledge or assign the rents and other revenues to be\nreceived. The trust indenture or proceedings may contain provisions for protecting  and\nenforcing the rights and remedies of the bondholders which are reasonable and proper\nand not in violation of law, including covenants setting forth the duties of the authority in\nrelation to the acquisition of property and the construction, improvemen t, maintenance,\nrepair, and insurance of the project or projects in connection with which such bonds are\nauthorized, the rates or rental charges, and the custody, safeguarding and application of\nall moneys, and may restrict the individual right of action b y bondholders. It is lawful for\nany bank or trust company which may act as depository of the proceeds of bonds or of\nrevenues to furnish such indemnifying bonds or to pledge such securities as may be\nrequired by the rights and remedies of the bondholders and of the trustee. In addition, any\nsuch trust indenture or proceedings may contain such other provisions as the authority\nmay deem reasonable and proper for the security of the bondholders. All expenses\nincurred in carrying out the provisions of such trus t indenture or proceedings may be\ntreated as a part of the cost of the project or projects.","path":["KRS Chapter 441"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=19371","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:56Z","sha256":"d9c4bb13d2ff562add4e7d90cb69289474b047304ee5b67504a7fa5b9367e7ff","source_id":"us-ky","stale":false,"prev":"us-ky/krs-441.645","next":"us-ky/krs-441.655"},"notice":"GroundRules: Original legal text. Not legal advice."}