§ 36-8-231 — Trust agreements generally

In the discretion of the commission any bonds issued under the
provisions of this act may be secured by a trust agreement by
and between the commission and a corporate trustee, which may be
any trust company or bank having the powers of a trust company
within or without the state. Any such trust agreement may pledge
or assign the revenues to be received, but shall not convey or
mortgage the project or any part thereof. Any such trust
agreement or any 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 commission in relation to the
acquisition, leasing or licensing of property and the
construction, improvement, maintenance, repair, operation and
insurance of the project, the rates, admission fees, charges and
rentals to be charged, and the custody, safeguarding and
application of all moneys, and provision for the employment of
managers, and consulting engineers in connection with the
construction or operation of the project. 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 commission. Any such trust
agreement may set forth the rights and remedies of the
bondholders and of trusts, and may restrict the individual right
of action of bondholders as is customary in trust agreements or
trust indentures securing bonds or debentures of corporations.
In addition to the foregoing, any such trust agreement may
contain such other provisions as the commission may deem
reasonable and proper for the security of the bondholders. All
expenses incurred in carrying out the provisions of such trust
agreement may be treated as a part of the cost of the operation
of the project.