82.160 Security for revenue bonds through trust indenture. - Kentucky Statutes

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82.160 Security for revenue bonds through trust indenture. In the discretion of the city any bonds issued under the provisions of KRS 82.140 to
82.165 may be secured by a trust indenture by and between the city and a corporate
trustee, which may be any trust company or bank having the powers of a trust company
within or without the Commonwealth. Such trust indenture or the proceedings providing
for the issuance of such bonds may pledge or assign the revenues to be received; but shall
not convey or mortgage any project or any part thereof, except in the case of bonds issued
through the agency and instrumentality of a nonprofit corporation organized under the
general corporation laws of the Commonwealth, in which case there may be a conveyance
or mortgage if such corporation be thereunto authorized by the governing body of the
city. Such trust indenture or proceedings may contain such provisions for protecting and
enforcing the rights and remedies of the bondholders as may be reasonable and proper
and not in violation of law, including covenants setting forth the duties of the city in
relation to the acquisition of property and the construction, improvement, maintenance,
repair, operation and insurance of the project or projects in connection with which such
bonds shall have been authorized, the rates of the rentals to be charged, and the custody,
safeguarding and application of all moneys, if such covenants shall be appropriate to the
issue. It shall be lawful for any bank or trust company incorporated under the laws of the
Commonwealth which may act as depository of the proceeds of bonds or of revenues to
furnish such indemnifying bonds or to pledge such securities as may be required by the
city. Any such trust indenture may set forth the rights and remedies of the bondholders
and of the trustee, and may restrict the individual right of action by bondholders. In
addition to the foregoing, any such trust indenture or proceedings may contain such other
provisions as the city may deem reasonable and proper for the security of the
bondholders. All expenses incurred in carrying out the provisions of such trust indenture
or proceedings may be treated as a part of the cost of the project or projects. History: Created 1962 Ky. Acts ch. 178, sec. 5(6).