261A.13 - TRUST AGREEMENT TO SECURE OBLIGATIONS.
261A.13 TRUST AGREEMENT TO SECURE OBLIGATIONS.
In the discretion of the authority, obligations may be secured by
a trust agreement by and between the authority and a corporate
trustee or trustees, which may be a trust company or bank located in
the state of Iowa that has the powers of a trust company. The bond
resolution shall pledge the revenues to be received by the authority,
may contain provisions for protecting and enforcing the rights and
remedies of the holders of obligations as reasonable and proper and
not in violation of law, including provisions that have been
authorized to be included in any bond resolution of the authority,
and may restrict the individual right of action by holders of
obligations. A trust agreement may contain other provisions the
authority deems reasonable and proper for the security of the holders
of obligations. Expenses incurred in carrying out the trust
agreement may be treated as a part of the cost of the operation of an
education loan program. Section History: Early Form
[82 Acts, ch 1031, § 13]
Referred to in § 261A.24