[§163D-15]  Trust indenture.  (a)  A
trust indenture may contain covenants and provisions authorized by part III of
chapter 39, and as may be deemed necessary or convenient by the corporation for
the purposes of this chapter.



(b)  A trust indenture may allow the
corporation to pledge and assign to the trustee loans and other agreements
related to the project facility, and the rights of the corporation thereunder,
including the right to receive revenues thereunder and to enforce the provision
thereof.



(c)  A trust indenture shall also contain
provisions as to:



(1)  The investment of the proceeds of the revenue
bonds, the investment of any reserve for the bonds, the investment of the
revenues of the project facility, and the use and application of the earnings
from investments; and



(2)  The terms and conditions upon which the holders
of the revenue bonds or any portion of them or any trustee thereof may
institute proceedings for the foreclosure of any loan or other agreement or any
note or other undertaking, obligation, or property securing the payment of the
bonds and the use and application of the moneys derived from the foreclosure.



(d)  A trust indenture may also contain
provisions deemed necessary or desirable by the corporation to obtain or
permit, by grant, interest, subsidy, or otherwise, the participation of the
federal government in the financing of the costs of undertaking the project
facility. [L 1994, c 264, pt of §1]