5.1-167 - Trust agreement.
§ 5.1-167. Trust agreement.
In the discretion of the Authority, any bonds issued under the provisions ofthis act may be secured by a trust agreement by and between the Authority anda corporate trustee, which may be any trust company or bank having the powerof a trust company within or without the Commonwealth of Virginia. Such trustagreement or the resolution providing for the issuance of such bonds maypledge or assign the fees and other revenues to be received, but shall notconvey or mortgage the airports or any part thereof. Such trust agreement orresolution providing for the issuance of such bonds may contain suchprovisions for protecting and enforcing the rights and remedies of thebondholders as may be reasonable and proper and not in violation of law,including covenants setting forth the duties of the Authority in relation tothe acquisition of property and the construction, improvement, maintenance,repair, operation and insurance of the airports, the rates or fees or othercharges to be charged, and the custody, safeguarding and application of allmoneys. It shall be lawful for any bank or trust company incorporated underthe laws of the Commonwealth of Virginia which may act as depositary of theproceeds of bonds or of revenues to furnish such indemnifying bonds or topledge such securities as may be required by the Authority. Any such trustagreement may set forth the rights and remedies of the bondholders. Inaddition to the foregoing, any such trust agreement or resolution may containsuch other provisions as the Authority may deem reasonable and proper for thesecurity of the bondholders. All expenses incurred in carrying out theprovisions of such trust agreement or resolution may be treated as a part ofthe cost of the operation of the airports.
(2001, c. 342.)