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: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4356s-33.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
