19-2862e.   Same; securing bonds by trust agreement; protection ofrights of bondholders.In the discretion of the board any bonds issued under the provisions ofthis act may be secured by a trust agreement by and between the board and acorporate trustee, which may be any trust company or bank having the powersof a trust company within or without the state. Such trust agreement or theresolution providing for the issuance of such bonds may pledge or assignthe fees and other revenues to be received, but shall not convey ormortgage any facility or any part thereof. Such trust agreement orresolution providing for the issuance of such bonds may contain suchprovisions for protecting and enforcing the rights and remedies of thebondholders as may be reasonable and proper and not in violation of law,including covenants setting forth the duties of the board in relation tothe acquisition of golfing facilities or the construction, improvement,maintenance, repair, operation and insurance of real estate for the purposeof establishing golf courses and related facilities or in connection withwhich such bonds shall have been authorized, the rates of fees to becharged, and the custody, safeguarding and application of all moneys.

      History:   L. 1968, ch. 227, § 6; July 1.