{"data":{"id":"us-ky/krs-82.160","jurisdiction":"us-ky","citation":"KRS 82.160","heading":"Security for revenue bonds through trust indenture.","body":"In the discretion of the city any bonds issued under the provisions of KRS 82.140 to\n82.165 may be secured by a trust indenture by and between the city and a corporate\ntrustee, which may be any trust company or bank having the powers of a trust company\nwithin or without the Commonwealth. Such trust indenture or the proceedings providing\nfor the issuance of such bonds may pledge or assign the revenues to be received; but shall\nnot convey or mortgage any project or any part thereof, except in the case of bonds issued\nthrough the agency and instrumentality of a nonprofit corporation organized under the\ngeneral corporation laws of the Commonwealth, in which case there may be a conveyance\nor mortgage if such corporation be thereunto authorized by the governing bo dy of the\ncity. Such trust indenture or proceedings may contain such provisions for protecting and\nenforcing the rights and remedies of the bondholders as may be reasonable and proper\nand not in violation of law, including covenants setting forth the dutie s of the city in\nrelation to the acquisition of property and the construction, improvement, maintenance,\nrepair, operation and insurance of the project or projects in connection with which such\nbonds shall have been authorized, the rates of the rentals to be charged, and the custody,\nsafeguarding and application of all moneys, if such covenants shall be appropriate to the\nissue. It shall be lawful for any bank or trust company incorporated under the laws of the\nCommonwealth which may act as depository of th e proceeds of bonds or of revenues to\nfurnish such indemnifying bonds or to pledge such securities as may be required by the\ncity. Any such trust indenture may set forth the rights and remedies of the bondholders\nand of the trustee, and may restrict the in dividual right of action by bondholders. In\naddition to the foregoing, any such trust indenture or proceedings may contain such other\nprovisions as the city may deem reasonable and proper for the security of the\nbondholders. All expenses incurred in carryi ng out the provisions of such trust indenture\nor proceedings may be treated as a part of the cost of the project or projects.","path":["KRS Chapter 82"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=25054","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:43Z","sha256":"b2c9bed54572cff192a9f39f7ca6d1434fadb8786c6e0fe6d46ea10240fb9bae","source_id":"us-ky","stale":false,"prev":"us-ky/krs-82.155","next":"us-ky/krs-82.165"},"notice":"GroundRules: Original legal text. Not legal advice."}