180.220 Trustee to be appointed -- Trust indenture.
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<![CDATA[180.220 Trustee to be appointed -- Trust indenture. (1) Each issue of the bonds shall be further secured by a trust indenture made between the department and a trustee. (2) The trustee shall be a trust company or bank having the powers of a trust company, having its principal office in Kentucky, and at the time it begins to function as <br>trustee, it shall have a combined capital and surplus of at least one million dollars <br>($1,000,000). The trustee shall be satisfactory to the original purchasers of the <br>bonds. (3) The trust indenture may contain those provisions customarily found in trust agreements securing the bonds and debentures of corporations, and shall set forth <br>the duties and covenants of the department in respect to bridges to be constructed or <br>purchased and the conservation and application of funds and the insurance of <br>money on hand or on deposit and the rights and remedies of the trustee and the <br>holders of the bonds, restricting in reasonable manner the individual right of action <br>of bondholders in favor of action in their behalf by the trustee and purchasers. Effective: October 1, 1942 <br>History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4356s-33. ]]>