Kentucky Statutes 175B.075 – Moneys received under chapter are trust funds — Permitted investment of project revenue bond proceeds
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75B.075 Moneys received under chapter are trust funds — Permitted investment of project revenue bond proceeds.
(1) All moneys received under this chapter, whether as proceeds from the sale of project revenue bonds or revenues, shall be trust funds to be held and applied solely as provided in this chapter. The trust indenture or any other document authorizing the issuance of project revenue bonds or the collection of any revenues shall provide that any officer, bank, or trust company with which the moneys are deposited shall act as trustee of the moneys and shall hold and apply them for the purposes outlined in this chapter, subject to the provisions of this chapter and the proceedings or trust indenture.
(2) The proceeds of project revenue bonds shall only be invested in direct obligations of the United States of America and direct federal agency obligations or other similar obligations to the extent that the full faith and credit of the United States of America is pledged for the timely payment thereof. Direct obligations shall include money market mutual funds that invest solely in the obligations referenced in this subsection.
Effective: June 26, 2009
History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 89, effective June 26,
2009.
(1) All moneys received under this chapter, whether as proceeds from the sale of project revenue bonds or revenues, shall be trust funds to be held and applied solely as provided in this chapter. The trust indenture or any other document authorizing the issuance of project revenue bonds or the collection of any revenues shall provide that any officer, bank, or trust company with which the moneys are deposited shall act as trustee of the moneys and shall hold and apply them for the purposes outlined in this chapter, subject to the provisions of this chapter and the proceedings or trust indenture.
Terms Used In Kentucky Statutes 175B.075
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Project: includes all bridges, tollhouses, garages, and other buildings and facilities which the authority deems necessary for the operation of the project, together with all property, rights, easements, and interests which may be acquired by the authority or by the Commonwealth for the construction and operation of a project. See Kentucky Statutes 175B.010
- Project revenue bonds: means revenue funding bonds, revenue refunding bonds, notes, or other financial obligations issued under this chapter by the issuing authority. See Kentucky Statutes 175B.010
- Trustee: A person or institution holding and administering property in trust.
(2) The proceeds of project revenue bonds shall only be invested in direct obligations of the United States of America and direct federal agency obligations or other similar obligations to the extent that the full faith and credit of the United States of America is pledged for the timely payment thereof. Direct obligations shall include money market mutual funds that invest solely in the obligations referenced in this subsection.
Effective: June 26, 2009
History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 89, effective June 26,
2009.