Kentucky Revised Statutes Title IX. Counties, Cities, and Other Local Units § 66.111.Tax levy and budget appropriation to pay bond debt charges

(a) The pledge to the payment of debt charges and related covenants to levy, charge, collect, deposit, and apply, receipts of the issuer, referred to in this subsection as pledged receipts, including, without limitation, ad valorem property taxes as permitted by law; occupational license fees; insurance premium taxes; excises, utility and service revenues; and any other receipts from taxes, excises, permits, licenses, fines, or other sources of revenue of, or of revenue distributions to, the issuer; and covenants for the establishment, investment, segregation, and maintenance of any funds or reserves in connection with the bonds. No pledge or covenant may be made that impairs the express contract rights of the holders of outstanding bonds of the issuer.

(b) Covenants of the issuer and other provisions to protect and safeguard the security and rights of the holders of the bonds and of the providers of any credit enhancement facilities and provisions for defeasance.

(c) Rights and remedies of the holders of bonds, in addition to any other rights and remedies under law, but subject to the terms of the proceedings and of any credit enhancement facility.

(d) The costs of or payments under credit enhancement facilities may be paid from any moneys of the issuer. The credit enhancement facility may be for the benefit of holders of the particular bonds and of any other bonds of the issuer.