Section 6. In the discretion of the authority, the notes or bonds issued under the provisions of this chapter may be secured by a bond resolution, trust agreement or other agreement in such form and executed in such manner as may be determined by the members, by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the commonwealth. Such bond resolution, trust agreement or other agreement providing for the issuance of such notes or bonds may pledge or assign the tolls and other revenues to be received but shall not convey or mortgage the turnpike, the metropolitan highway system or any part thereof. Such pledge shall be valid and binding from the time when the pledge is made and the tolls or other revenues so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act and the lien of any such pledge shall be valid and binding against all parties having claims of any kind against the authority without regard to whether such parties have notice thereof. None of the bond resolution, trust agreement or other agreement by which a pledge is created shall be required to be filed or recorded except in the records of the authority.
Such bond resolution, trust agreement or other agreement providing for the issuance of notes or bonds may contain such provisions for protecting and enforcing the rights and remedies of the holders of the notes or bonds as may be reasonable and proper including, without limiting the generality of the foregoing, provisions defining defaults and providing for remedies in the event thereof which may include the acceleration of maturities, restrictions on the individual right of action by bondholders and covenants setting forth the duties of and limitations on the authority in relation to the ownership, acquisition, construction, improvement, enlargement, alteration, equipping, furnishing, maintenance, use, operation, repair, reconstruction, rehabilitation, policing, administration, insurance and disposition of the turnpike and metropolitan highway system, the custody, safeguarding, investment and application of moneys, the issuance of additional or refunding bonds, the fixing, revision, charging and collection of tolls, the use of any surplus bond proceeds, the establishment of reserves and the making and amending of contracts. It shall be lawful for any bank or trust company incorporated under the laws of the commonwealth which may act as depository of the proceeds of notes or bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the authority.
Section 6. In the discretion of the authority, the notes or bonds issued under the provisions of this chapter may be secured by a bond resolution, trust agreement or other agreement in such form and executed in such manner as may be determined by the members, by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the commonwealth. Such bond resolution, trust agreement or other agreement providing for the issuance of such notes or bonds may pledge or assign the tolls and other revenues to be received but shall not convey or mortgage the turnpike, the metropolitan highway system or any part thereof. Such pledge shall be valid and binding from the time when the pledge is made and the tolls or other revenues so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act and the lien of any such pledge shall be valid and binding against all parties having claims of any kind against the authority without regard to whether such parties have notice thereof. None of the bond resolution, trust agreement or other agreement by which a pledge is created shall be required to be filed or recorded except in the records of the authority.
Such bond resolution, trust agreement or other agreement providing for the issuance of notes or bonds may contain such provisions for protecting and enforcing the rights and remedies of the holders of the notes or bonds as may be reasonable and proper including, without limiting the generality of the foregoing, provisions defining defaults and providing for remedies in the event thereof which may include the acceleration of maturities, restrictions on the individual right of action by bondholders and covenants setting forth the duties of and limitations on the authority in relation to the ownership, acquisition, construction, improvement, enlargement, alteration, equipping, furnishing, maintenance, use, operation, repair, reconstruction, rehabilitation, policing, administration, insurance and disposition of the turnpike and metropolitan highway system, the custody, safeguarding, investment and application of moneys, the issuance of additional or refunding bonds, the fixing, revision, charging and collection of tolls, the use of any surplus bond proceeds, the establishment of reserves and the making and amending of contracts. It shall be lawful for any bank or trust company incorporated under the laws of the commonwealth which may act as depository of the proceeds of notes or bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the authority.
Section 6. In the discretion of the authority, the notes or bonds issued under the provisions of this chapter may be secured by a bond resolution, trust agreement or other agreement in such form and executed in such manner as may be determined by the members, by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the commonwealth. Such bond resolution, trust agreement or other agreement providing for the issuance of such notes or bonds may pledge or assign the tolls and other revenues to be received but shall not convey or mortgage the turnpike, the metropolitan highway system or any part thereof. Such pledge shall be valid and binding from the time when the pledge is made and the tolls or other revenues so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act and the lien of any such pledge shall be valid and binding against all parties having claims of any kind against the authority without regard to whether such parties have notice thereof. None of the bond resolution, trust agreement or other agreement by which a pledge is created shall be required to be filed or recorded except in the records of the authority.
Such bond resolution, trust agreement or other agreement providing for the issuance of notes or bonds may contain such provisions for protecting and enforcing the rights and remedies of the holders of the notes or bonds as may be reasonable and proper including, without limiting the generality of the foregoing, provisions defining defaults and providing for remedies in the event thereof which may include the acceleration of maturities, restrictions on the individual right of action by bondholders and covenants setting forth the duties of and limitations on the authority in relation to the ownership, acquisition, construction, improvement, enlargement, alteration, equipping, furnishing, maintenance, use, operation, repair, reconstruction, rehabilitation, policing, administration, insurance and disposition of the turnpike and metropolitan highway system, the custody, safeguarding, investment and application of moneys, the issuance of additional or refunding bonds, the fixing, revision, charging and collection of tolls, the use of any surplus bond proceeds, the establishment of reserves and the making and amending of contracts. It shall be lawful for any bank or trust company incorporated under the laws of the commonwealth which may act as depository of the proceeds of notes or bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the authority.
