§ 122A-9. Trust agreement or resolution.
§122A‑9. Trust agreement or resolution.
In the discretion of theAgency any obligations issued under the provisions of this Chapter may besecured by a trust agreement by and between the Agency and a corporate trustee,which may be any trust company or bank having the powers of a trust companywithin or without the State. Such trust agreement or the resolution providingfor the issuance of such obligations may pledge or assign all or any part ofthe revenues or assets of the Agency, including, without limitation, mortgageloans, mortgage loan commitments, contracts, agreements and other security orinvestment obligations, the fees or charges made or received by the Agency, themoneys received in payment of loans and interest thereon and any other moneys receivedor to be received by the Agency. Such trust agreement or resolution may containsuch provisions for protecting and enforcing the rights and remedies of theholders of any such obligations as may be reasonable and proper and not inviolation of law, including covenants setting forth the duties of the Agency inrelation to the purposes to which obligation proceeds may be applied, thedisposition or pledging of the revenues or assets of the Agency, the terms andconditions for the issuance of additional obligations, and the custody,safeguarding and application of all moneys. It shall be lawful for any bank ortrust company incorporated under the laws of the State which may act asdepositary of the proceeds of obligations, revenues or other money hereunderto furnish such indemnifying bonds or to pledge such securities as may berequired by the Agency. Any such trust agreement or resolution may set forththe rights and remedies of the holders of any obligations and of the trustee,and may restrict the individual right of action by any such holders. Inaddition to the foregoing, any such trust agreement or resolution may containsuch other provisions as the Agency may deem reasonable and proper for thesecurity of the holders of any obligations. All expenses incurred in carryingout the provisions of such trust agreement or resolution may be paid from therevenues or assets pledged or assigned to the payment of the principal of andthe interest on obligations or from any other funds available to the Agency. (1969,c. 1235, s. 9; 1973, c. 1296, s. 49.)