Section 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 trustee, it shall have a combined capital and surplus of at least one million dollars ($1,000,000). The trustee shall be satisfactory to the original purchasers of the 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 the duties and covenants of the department in respect to bridges to be constructed or purchased and the conservation and application of funds and the insurance of money on hand or on deposit and the rights and remedies of the trustee and the holders of the bonds, restricting in reasonable manner the individual right of action of bondholders in favor of action in their behalf by the trustee and purchasers.Effective:10/1/1942
Recodified 1942 Ky. Acts ch. 208, sec. 1, effective10/1/1942, from Ky. Stat. sec. 4356s-33.