82.165 Proceeds of revenue bonds constitute trust fund -- Bondholder's remedies.

240 words·~1 min read·/ky/chapter-82/82-165

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)All moneys received pursuant to the provisions of KRS 82.140 to 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 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 82.180 and such proceedings

or trust indenture may provide.

(2)Any holder of bonds issued under the provisions of KRS 82.140 to 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 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 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 82.165

or by such trust indenture or proceedings to be performed by the city or by any

officer or employees thereof.