§ 24-12-25. Trust agreement.
In the discretion of the authority any bonds issued under the provisions of this chapter
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. The trust agreement or the resolution providing for the issuance
of the bonds may pledge or assign the tolls and other revenues to be received, but
shall not convey or mortgage any project or any part thereof. The trust agreement
or resolution providing for the issuance of the bonds may contain such provisions
for protecting and e
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§ 24-12-25. Trust agreement.
In the discretion of the authority any bonds issued under the provisions of this chapter
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. The trust agreement or the resolution providing for the issuance
of the bonds may pledge or assign the tolls and other revenues to be received, but
shall not convey or mortgage any project or any part thereof. The trust agreement
or resolution providing for the issuance of the 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 project or projects
in connection with which the bonds shall have been authorized, the rates of toll to
be charged, the custody, safeguarding and application of all moneys, and conditions
or limitations with respect to the issuance of additional bonds. It shall be lawful
for any bank or trust company incorporated under the laws of the state which may act
as depositary of the proceeds of bonds or of revenues to furnish the indemnifying
bonds or to pledge such securities as may be required by the authority. Any 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 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 the trust agreement or resolution
may be treated as a part of the authority's cost of operation and maintenance.