{"data":{"id":"us-ky/krs-58.060","jurisdiction":"us-ky","citation":"KRS 58.060","heading":"Receiver -- Provision for foreclosure through trustee authorized.","body":"(1) If there is any default in the payment of principal or interest of any bond, any court\nhaving jurisdiction of the action may appoint a receiver to administer the public\nproject on behalf of the governmental agency, with power to charge and collect\nrents, royalties, fees, rates and charges and to receive any other available revenue\nsufficient to provide for the payment of any bonds or obligations outstanding\nagainst the public project, and for the payment of operating expenses, and to apply\nthe income and re venue in conformity with KRS 58.010 to 58.140 and the order,\nresolution or ordinance referred to in KRS 58.020.\n(2) Notwithstanding any of the other provisions of KRS 58.010 to 58.140, inclusive, it\nmay be provided in the proceedings authorizing bonds issu ed for the purpose of\nfinancing a project under KRS 58.010(1)(b), as amended, that the governmental\nagency, in connection with the issuance of its bonds, execute a mortgage deed of\ntrust in favor of a trustee, on the project acquired or constructed through  the\napplication of the proceeds of the bonds, providing that in the event of default by\nthe agency in the payment of interest or principal of its bonds or in the event of\ndefault of any other covenant contained in such mortgage deed of trust the trustee,\non behalf of the bondholders, may institute and carry through foreclosure\nproceedings, with the property secured by the mortgage deed of trust put up for sale\non foreclosure proceedings, the proceeds of such sale to be used for the benefit of\nthe bondholders. In connection with such plan of financing, such provisions may be\ninserted in the bonds themselves and in the mortgage deed of trust as may be\nnecessary to protect the bondholders and in order to make such bonds salable with\nthe lowest net interest cos t to the agency. If the agency declares its intent by\nordinance or resolution to follow the provisions of this section, and in doing so\ndetermines it cannot comply with any provision of KRS 58.010 to 58.140, as such\nprovision is inconsistent with the provi sions of this section, the agency is not\nrequired to comply with the inconsistent provision of KRS 58.010 to 58.140.","path":["KRS Chapter 58"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22813","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:13Z","sha256":"3b01beb6b0799b5760a1a118afe9c2a46f4b0f01e127c92ad75f57e68d3424a2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-58.050","next":"us-ky/krs-58.070"},"notice":"GroundRules: Original legal text. Not legal advice."}