14-1713. Bonds; pledging of income; trust agreement; limitations.

260 words·~1 min read·/ne/chapter-14/14-1713

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

At the discretion of the authority, any bonds issued under the provisions of the Parking Authority Law may be secured by trust agreement 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. Such trust agreement may contain provisions which shall be deemed to be for the benefit of the trustee or holders of the bonds as to:

(1)The pledging of all or any part of the income, receipts, and revenue of the authority to secure the payment of the bonds or any issue of bonds, subject to such agreement with bondholders as may then exist;

(2)Provisions for protecting and enforcing the rights and remedies of the bondholders, including the establishment of reasonable charges, construction, improvement, maintenance, and operation of the authority's facilities and insurance upon its properties;

(3)The appointment of a trustee, fiduciary, or depositary for the collection, deposit, and disbursement of the funds of the authority;

(4)Limitations on the issuance of additional bonds and the terms upon which additional bonds may be issued and secured and the issuance of refunding bonds;

(5)The procedure by which any contract with the bondholders may be amended or modified;

(6)The keeping of records and making reports to the trustee or bondholders;

(7)The rights and remedies of the trustee and the bondholders and restrictions on individual actions by the bondholders; and

(8)Any additional provisions which may be reasonable and proper for the security of the bondholders.