Sec. 7-130h. Securing of bonds.
Sec. 7-130h. Securing of bonds. In the discretion of the authority any bonds issued
under the provisions of sections 7-130a to 7-130w, inclusive, may be secured by a trust
indenture by way of conveyance, deed of trust or mortgage of any project or any other
property of the authority, whether or not financed in whole or in part from the proceeds
of such bonds, or by a 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 without the state or by both such conveyance, deed of trust or mortgage and
indenture or trust agreement. Such trust indenture or agreement may pledge or assign
any or all fees, rents and other charges to be received or proceeds of any contract or
contracts pledged, and may convey or mortgage any property of the authority. Such
trust indenture or 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 particularly such provisions as have hereinabove been
specifically authorized to be included in any resolution or resolutions of the authority
authorizing the issue of bonds. Any bank or trust company incorporated under the laws
of the state may act as depository of the proceeds of such bonds or of revenues or other
moneys and may furnish such indemnifying bonds or pledge such securities as may be
required by the authority. Such trust indenture may set forth the rights and remedies of
the bondholders and of the trustee, and may restrict the individual right of action by
bondholders. In addition to the foregoing, such trust indenture or agreement may contain
such other provisions as the authority may deem reasonable and proper for the security
of the bondholders. All expenses incurred in carrying out the provisions of such trust
indenture or agreement may be treated as a part of the cost of a project.
(February, 1965, P.A. 460, S. 9; 1967, P.A. 810, S. 9.)
History: 1967 act substituted reference to Sec. 7-130w for reference to Sec. 7-130n.
See Sec. 7-130t re pledge or assignment of lease to secure bonds.