Section 34A-14-14 - Security of bonds by trust indenture or other agreement--Protecting and enforcingrights of bondholders--Payment and disbursement--Expenses.
34A-14-14. Security of bonds by trust indenture or other agreement--Protecting and enforcing rights of bondholders--Payment and disbursement--Expenses. The bonds may be secured by a trust indenture or other agreement by and between the authority and a corporate trustee which may be any bank having the power of a trust company or any trust company within or without the state. Such trust indenture or other agreement 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 exercise of its powers and the custody, safekeeping and application of all money. The authority may provide by the trust indenture or other agreement for the payment of the proceeds of the bonds, loans, or other obligations and the revenue to the trustee under the trust indenture or other agreement or other depository, and for the method of disbursement thereof, with such safeguards and restrictions as the authority may determine. All expenses incurred in carrying out the trust indenture or other agreement may be treated as a part of the operating expenses of the authority.
Source: SL 1988, ch 290, § 53; SL 1989, ch 310, § 18; SL 1990, ch 292, § 30.