Kentucky Statutes 82.165 – Proceeds of revenue bonds constitute trust fund — Bondholder’s remedies
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(1) All moneys received pursuant to the provisions of KRS § 82.140 to KRS § 82.165, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in KRS § 82.140 to KRS § 82.165. The proceedings or the trust indenture shall provide that any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes of KRS § 82.140 to
82.165, subject to such regulations as KRS § 82.105 to KRS § 82.180 and such proceedings or trust indenture may provide.
(2) Any holder of bonds issued under the provisions of KRS § 82.140 to KRS § 82.165 or any of the coupons appertaining thereto, and the trustee under any trust indenture, except to the extent the rights in KRS § 82.140 to KRS § 82.165 given may be restricted by such trust indenture, may, either at law or in equity, by suit, action, mandamus or other proceedings, protect and enforce any and all rights under the laws of the Commonwealth or granted under KRS § 82.140 to KRS § 82.165 or under such trust indenture or the proceedings authorizing the issuance of such bonds, and may enforce and compel the performance of all duties required by KRS § 82.140 to KRS § 82.165 or by such trust indenture or proceedings to be performed by the city or by any officer or employees thereof.
History: Created 1962 Ky. Acts ch. 178, sec. 5(7) and (8).
82.165, subject to such regulations as KRS § 82.105 to KRS § 82.180 and such proceedings or trust indenture may provide.
Terms Used In Kentucky Statutes 82.165
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- City: includes town. See Kentucky Statutes 446.010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
(2) Any holder of bonds issued under the provisions of KRS § 82.140 to KRS § 82.165 or any of the coupons appertaining thereto, and the trustee under any trust indenture, except to the extent the rights in KRS § 82.140 to KRS § 82.165 given may be restricted by such trust indenture, may, either at law or in equity, by suit, action, mandamus or other proceedings, protect and enforce any and all rights under the laws of the Commonwealth or granted under KRS § 82.140 to KRS § 82.165 or under such trust indenture or the proceedings authorizing the issuance of such bonds, and may enforce and compel the performance of all duties required by KRS § 82.140 to KRS § 82.165 or by such trust indenture or proceedings to be performed by the city or by any officer or employees thereof.
History: Created 1962 Ky. Acts ch. 178, sec. 5(7) and (8).