§ 43-3-205 — Trust indentures

In the discretion of the department of
transportation, such bonds may be secured by a trust indenture by and between the
department of transportation and a corporate trustee which may be any trust
company or bank having the powers of a trust company within or outside of the
state. Such trust indentures may pledge or assign tolls and revenue to be received
from the operation of the turnpike project but shall not convey or mortgage the
turnpike or any part thereof. The resolution providing for the issuance of such
bonds or such trust indenture 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, without limiting the generality of the
foregoing, covenants setting forth the duties of the department of transportation in
relation to the acquisition of properties and the construction, maintenance,
operation, repair, and insurance of the turnpike project and the custody,
safeguarding, and application of all moneys. Such indenture may set forth the
rights and remedies of the bondholders and of the trustee and may restrict the
individual right of action of bondholders. In addition to the foregoing, such trust
indenture may contain such other provisions as the department of transportation
may deem reasonable for the security of bondholders. All expenses incurred in
carrying out such trust indenture may be treated as a part of the cost of
maintenance, operation, and repair of the turnpike project.

Legislative History

Source: L. 49: p. 604, � 5. CSA: C. 143, � 125(5). CRS 53: � 120-8-5. C.R.S. 1963: � 120-8-5. L. 91: Entire section amended, p. 1114, � 165, effective July 1.