19-2862f.   Same; lawful for depository bank to furnish indemnifyingbond; rights and remedies of bondholders; expenses included as cost.It shall be lawful for any bank or trust company incorporated under thelaws of the state which may act as depository of the proceeds of bonds orof revenue to furnish such indemnifying bonds or to pledge such securitiesas may be required by the board. Any such trust agreement may set forth therights and remedies of the bondholders and of the trustee, and may restrictthe individual right of action by bondholders. In addition to theforegoing, any such trust agreement or resolution may contain such otherprovisions as the board may deem reasonable and proper for the security ofthe bondholders. All expenses incurred in carrying out the provisions ofsuch trust agreement or resolution may be treated as a part of the cost ofthe operation of the real estate for the purpose of establishing golfcourses and related facilities.

      History:   L. 1968, ch. 227, § 7; July 1.