68-2010. Trust agreement or resolution providing for bond issues; contents; expenses of. In the discretion of the authority any bonds issued under the provisions of this act may be secured by a trust agreement by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state. Such trust agreement or the resolution providing for the issuance of such bonds may pledge or assign the tolls and other revenues to be received, but shall not convey or mortgage any turnpike project or any part thereof. Such trust agreement or resolution providing for the issuance of such bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the authority in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation and insurance of the turnpike project or projects in connection with which such bonds shall have been authorized, the rates of toll to be charged, and the custody, safeguarding and application of all moneys.
It shall be lawful for any bank or trust company incorporated under the laws of the state which may act as depository of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the authority. Any such trust agreement may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the authority may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of the turnpike project or projects.
History: L. 1953, ch. 308, ยง 10; Apr. 7.
Structure Kansas Statutes
Chapter 68 - Roads And Bridges
Article 20 - Toll Roads Or Turnpikes
68-2004 Same; general grant of powers.
68-2005 Same; incidental powers.
68-2006 Same; acquisition of property; eminent domain; plans and specifications, when.
68-2007 Turnpike revenue bonds; issuance.
68-2008 Bonds payable solely or partly from revenues; expenses.
68-2009 Use and disposition of tolls and other revenues derived from projects; sinking fund.
68-2010 Trust agreement or resolution providing for bond issues; contents; expenses of.
68-2011 Trust funds; how held and applied.
68-2012 Remedies of bondholders.
68-2014 Bonds eligible for investment.
68-2016 Turnpike revenue refunding bonds, when.
68-2018 Preliminary expenses of authority; surveys and studies; costs and expenses, how paid.
68-2019 Powers conferred additional and supplemental to other laws, exception.
68-2020 Failure or refusal to pay toll; penalty; lien on vehicle.
68-2020a Failure or refusal to pay toll; penalty; refusal to register vehicle; appeals.
68-2022 Same; reimbursement of secretary of transportation.
68-2023 Same; act supplemental to 68-2001 to 68-2020; effect.
68-2024 Same; prior agreements approved.
68-2026 Same; agreements as to personnel assigned to police facilities; cooperation.
68-2028 Same; powers of policing personnel.