§206E-108  Trust indenture.  (a)  Atrust indenture may contain covenants and provisions authorized by part III ofchapter 39, and as deemed necessary or convenient by the authority for thepurposes of this part.

(b)  A trust indenture may allow the authorityto pledge and assign to the trustee loans and other agreements related to thereserved housing loan programs, and the rights of the authority thereunder,including the right to receive revenues thereunder and to enforce the provisionthereof.

(c)  Where a trust indenture provides that anyrevenue bond issued under that trust indenture is not valid or obligatory forany purpose unless certified or authenticated by the trustee, all signatures ofthe officers of the State upon the revenue bonds required by section 39-56 maybe facsimiles of their signatures.

(d)  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 reserved housing loan programs, and the use and application ofthe earnings from 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.

(e)  A trust indenture may also contain provisionsdeemed necessary or desirable by the authority to obtain or permit, by grant,interest subsidy, or otherwise, the participation of the federal government inthe reserved housing loan programs or in the financing of the costs ofadministering, operating, or maintaining such reserved housing loan programs.[L 1982, c 228, pt of §8]

 

Revision Note

 

  Section "39‑56"substituted for "39‑64".