7-15-4528. Use of bond trustee.
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/mt/title-7/chapter-15/part-45/7-15-4528·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7-15-4528 . Use of bond trustee. In connection with the issuance of bonds or the incurring of any obligation under a lease and in order to secure the payment of the bonds or obligations, the authority may:
(1)vest in a trustee the right to enforce any covenant made to secure the payment of the bonds or obligations;
(2)provide for the powers and duties of the trustee and limit the trustee's liabilities; and
(3)provide the terms and conditions upon which the trustee or a designated proportion of the holders of bonds may enforce any covenant.