§ 23-15-116 — Trust agreement to secure bonds

In the discretion of the
authority, any bonds issued pursuant to this article may be secured by a trust
agreement between the authority and a corporate trustee or trustees, which may be
any trust company or bank having the powers of a trust company in Colorado. Such
trust agreement or the resolution providing for the issuance of such bonds may
pledge or assign the revenues to be received or the proceeds of any contract or
contracts pledged and may convey or mortgage the facilities or any portion 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, proper, and not in violation of law, including
particularly such provisions as have been specifically authorized to be included in
any resolution or resolutions of the authority authorizing bonds thereof. Any bank or
trust company incorporated under the laws of this state which may act as
depository of the proceeds of bonds or of revenues or other moneys may furnish
such indemnifying bonds or 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 or trustees and may restrict the individual right of
action by bondholders. In addition, 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 such trust
agreement or resolution may be treated as a part of the cost of the operation of a
facility.

Legislative History

Source: L. 81: Entire article added, p. 1107, � 1, effective July 1.