Section 349.075

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 349

Effective - 28 Aug 1980   

  349.075.  Trust agreements authorized. — A resolution of the corporation authorizing the issuance of any notes or bonds or any issue thereof may provide that such notes or bonds shall be secured by a trust agreement between the corporation and a corporate trustee, vesting in such trustee such property, rights, powers and duties in trust as the corporation may determine.  Any such trust agreement may pledge, assign, mortgage, or grant a security interest in the property in revenues of the corporation, or any part thereof, to secure payment of any notes or bonds.  Any such trust agreement may contain such provisions for protecting and enforcing the rights and remedies of the noteholders or bondholders as may be reasonable and proper, including covenants relating to the acquisition and construction of projects and the maintenance, repair and operation thereof, the rentals and other charges to be imposed for the use of any project, the custody and application of all moneys relating thereto.  Such trust agreement may contain such other provisions as the corporation determines reasonable and necessary for the security of the noteholders and bondholders.  All expenses incurred in carrying out the provisions of any such trust agreement may be considered as a part of the cost of the operation of the project.

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(L. 1977 S.B. 267 § 14, A.L. 1980 H.B. 1582 & 1277)