175.530 Trust indenture to secure bonds -- Rights and remedies of bondholders. - Kentucky Statutes

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175.530 Trust indenture to secure bonds -- Rights and remedies of bondholders. In the discretion of the authority, any bonds issued under the provisions of this chapter
may be secured by a trust indenture by and between the authority 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 tolls and other revenues to be received,
but shall not convey or mortgage any turnpike project or any part thereof. 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 authority in relation to
the acquisition of property and the construction, improvement, maintenance, repair,
operation and insurance of the turnpike project or projects in connection with which such
bonds shall have been authorized, the rates of toll or the rentals to be charged, and the
custody, safeguarding and application of all moneys. 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 authority. 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 authority
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 operation of the turnpike project or projects. Effective: Marach 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 13, effective March 25, 1960.