260.060. Resolution may provide for trust agreements.
Resolution may provide for trust agreements.
260.060. A resolution of the authority authorizing theissuance of any notes or bonds or any issue thereof may providethat such notes or bonds shall be secured by a trust agreementbetween the authority and a corporate trustee, vesting in suchtrustee such property, rights, powers and duties in trust as theauthority may determine. Any such trust agreement may pledge orassign the revenues of the authority or any part thereof, tosecure the payment of any notes or bonds. Any such trustagreement may contain such provisions for protecting andenforcing the rights and remedies of the noteholders orbondholders as may be reasonable and proper, including covenantsrelating to the acquisition and construction of projects and themaintenance, repair and operation thereof, the rentals and othercharges to be imposed for the use of any project, the custody andapplication of all moneys relating thereto. Such trust agreementmay contain such other provisions as the authority determinesreasonable and necessary for the security of the noteholders andbondholders. All expenses incurred in carrying out theprovisions of any such trust agreement may be considered as apart of the cost of the operation of the project.
(L. 1972 H.B. 1041 § 12)Effective 1-22-73