§ 9-1-113. TRUST INDENTURES.

The authority may secure any revenue bonds, mortgages, certificates, or other evidence of indebtedness issued to provide funds for the purchase, acquisition, construction, or improvement of any project or projects by a trust indenture 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 outside the state. At any one (1) time, the authority may, in its discretion, be a party to one (1) or more trust indentures, if revenue bonds have been issued to finance more than a single project as defined in this article. The trust indenture or indentures may pledge or assign all revenues to be received from any project or projects. Either the resolution providing for the issuance of revenue bonds or the trust indenture or indentures may contain any provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper, not in violation of law, including covenants setting forth the duties of authority in relation to the construction, acquisition, improvement, installation, maintenance, operation, repair, and insurance of any project or projects and the custody, safeguarding, and application of all moneys, and may provide that any project or projects shall be constructed and paid for under the supervision and approval of consulting engineers employed or designated by the authority and satisfactory to the trustee, and if none, the original purchasers of the bonds. The trust indentures may further provide that the security given by contractors and by any depository of the proceeds of the bonds or revenues of any project or other moneys pertaining thereto be satisfactory to the trustee appointed as provided herein, and if none, the original purchasers of the bonds. Any bank or trust company incorporated under the laws of this state may act as depository of the proceeds of the bonds or revenues. The resolution of the trust indentures may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action of the bondholders as is customary in trust indentures securing bonds and debentures of corporations. All expenses incurred in carrying out a trust indenture may be treated as a part of the cost of maintenance, operation, and repair of any project or projects.

(1988 Code, § 30-13) (Bill No. 48-02, § 1, 7-1-2004)