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

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

(c)  A trust indenture shall also containprovisions as to:

(1)  The investment of the proceeds of the revenuebonds, the investment of any reserve for the bonds, the investment of therevenues of the project facility, and the use and application of the earningsfrom investments; and

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

(d)  A trust indenture may also containprovisions deemed necessary or desirable by the corporation to obtain orpermit, by grant, interest, subsidy, or otherwise, the participation of thefederal government in the financing of the costs of undertaking the projectfacility. [L 1994, c 264, pt of §1]