19-2862f. Same; lawful for depository bank to furnish indemnifying bond; rights and remedies of bondholders; expenses included as cost.
19-2862f
19-2862f. Same; lawful for depository bank to furnish indemnifying
bond; rights and remedies of bondholders; expenses included as cost.
It shall be lawful for any bank or trust company incorporated under the
laws of the state which may act as depository of the proceeds of bonds or
of revenue to furnish such indemnifying bonds or to pledge such securities
as may be required by the board. Any such trust agreement may set forth the
rights and remedies of the bondholders and of the trustee, and may restrict
the individual right of action by bondholders. In addition to the
foregoing, any such trust agreement or resolution may contain such other
provisions as the board may deem reasonable and proper for the security of
the bondholders. All expenses incurred in carrying out the provisions of
such trust agreement or resolution may be treated as a part of the cost of
the operation of the real estate for the purpose of establishing golf
courses and related facilities.
History: L. 1968, ch. 227, § 7; July 1.