Sec. 10a-231. Trust agreement to secure bonds or notes.
Sec. 10a-231. Trust agreement to secure bonds or notes. In the discretion of the
authority any revenue bonds or notes issued under the provisions of this chapter may
be secured by a trust agreement by and between the authority and a corporate trustee
or trustees, which may be any trust company or bank having the powers of a trust company within the state. Such trust agreement or the resolution providing for the issuance
of such revenue bonds or notes may pledge or assign the revenues to be received or
proceeds of any contract or contracts pledged. Such trust agreement or resolution providing for the issuance of such revenue bonds or notes may contain such provisions for
protecting and enforcing the rights and remedies of the bondholders or noteholders as
may be reasonable and proper and not in violation of law, including particularly provisions specifically authorized by this chapter to be included in any resolution or resolutions of the authority authorizing revenue bonds or notes thereof. Any bank or trust
company incorporated under the laws of the state which may act as depository of the
proceeds of bonds or notes or of revenues or other moneys may furnish such indemnity
bonds or pledge such securities as may be required by the authority. Any such trust
agreement may set forth the rights and remedies of the bondholders or noteholders and
of the trustee or trustees, and may restrict the individual right of action by bondholders
or noteholders. In addition to the foregoing, any such trust agreement or resolution may
contain such other provisions as the authority may deem reasonable and proper for the
security of the bondholders and noteholders. All expenses incurred in carrying out the
provisions of such trust agreement or resolutions may be treated as a part of the cost of
the education loan program.
(P.A. 82-313, S. 11, 28.)