Sec. 7-329h. Securing of bonds.
Sec. 7-329h. Securing of bonds. In the discretion of the port authority any bonds
issued under the provisions of sections 7-329a to 7-329u, 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 port 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 port 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 port
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 provisions which have been specifically
authorized to be included in any resolution or resolutions of the port 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 port 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 port 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.
(P.A. 98-240, S. 8.)