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



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



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



(d)  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 reserved housing loan programs, 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.



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



 



Revision Note



 



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