§ 116‑192. Trustagreement; money received deemed trust funds; insurance; remedies.
In the discretion of the Board and subject to the approval of theDirector of the Budget, any revenue bonds issued under this Article may besecured by a trust agreement by and between the Board and a corporate trustee(or trustees) which may be any trust company or bank having the powers of atrust company within or without the State. Such trust agreement or theresolution providing for the issuance of such bonds may pledge or assign therevenues to be received, but shall not convey or mortgage any project orprojects or any existing facilities or any part thereof. Such trust agreementor resolution providing for the issuance of such bonds may contain suchprovisions for protecting and enforcing the rights and remedies of the holdersof such bonds as may be reasonable and proper and not in violation of law,including covenants setting forth the duties of the Board in relation to theacquisition, construction or provision of any project or projects, themaintenance, repair, operation and insurance of any project or projects and anyexisting facilities, student fees and admission fees and charges and otherfees, rents and charges to be fixed and collected, and the custody, safeguardingand application of all moneys. It shall be lawful for any bank or trust companyincorporated under the laws of the State which may act as depositary of theproceeds of bonds or revenues to furnish such indemnifying bonds or to pledgesuch securities as may be required by the Board. Any such trust agreement orresolution may set forth the rights and remedies of the holders of the bondsand the rights, remedies and immunities of the trustee or trustees, if any, andmay restrict the individual right of action by such holders. 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 of suchholders. All expenses incurred in carrying out the provisions of such trustagreement or resolution may be treated as a part of the cost of the project orprojects for which such bonds are issued or as an expense of operation of suchproject or projects, as the case may be.
All moneys received pursuant to the authority of this Article, whetheras proceeds from the sale of bonds or as revenues, shall be deemed to be trustfunds to be held and applied solely as provided in this Article. The Board mayprovide for the payment of the proceeds of the sale of the bonds and therevenues, or part thereof, to such officer, board or depositary as it maydesignate for the custody thereof, and for the method of disbursement thereof,with such safeguards and restrictions as it may determine. Any officer withwhom, or any bank or trust company with which, such moneys shall be depositedshall act as trustee of such moneys and shall hold and apply the same for thepurposes hereof, subject to such requirements as are provided in this Articleand in the resolution or trust agreement authorizing or securing such bonds.
Notwithstanding the provisions of any other law the Board may carryinsurance on any project or projects and any existing facilities in suchamounts and covering such risks as it may deem advisable.
Any holder of bonds issued under this Article or of any of the couponsappertaining thereto, and the trustee or trustees under any trust agreement,except to the extent the rights herein given may be restricted by such trustagreement or the resolution authorizing the issuance of such bonds, may, eitherat law or in equity, by suit, action, mandamus or other proceedings, protectand enforce any and all rights under the laws of the State or granted hereunderor under such trust agreement or resolution, and may enforce and compel theperformance of all duties required by this Article or by such trust agreementor resolution to be performed by the Board or by any officer thereof, includingthe fixing, charging and collecting of fees, rents and charges. (1963, c. 847, s. 6; 1983, c. 577, s. 8.)
§ 116‑192. Trustagreement; money received deemed trust funds; insurance; remedies.
In the discretion of the Board and subject to the approval of theDirector of the Budget, any revenue bonds issued under this Article may besecured by a trust agreement by and between the Board and a corporate trustee(or trustees) which may be any trust company or bank having the powers of atrust company within or without the State. Such trust agreement or theresolution providing for the issuance of such bonds may pledge or assign therevenues to be received, but shall not convey or mortgage any project orprojects or any existing facilities or any part thereof. Such trust agreementor resolution providing for the issuance of such bonds may contain suchprovisions for protecting and enforcing the rights and remedies of the holdersof such bonds as may be reasonable and proper and not in violation of law,including covenants setting forth the duties of the Board in relation to theacquisition, construction or provision of any project or projects, themaintenance, repair, operation and insurance of any project or projects and anyexisting facilities, student fees and admission fees and charges and otherfees, rents and charges to be fixed and collected, and the custody, safeguardingand application of all moneys. It shall be lawful for any bank or trust companyincorporated under the laws of the State which may act as depositary of theproceeds of bonds or revenues to furnish such indemnifying bonds or to pledgesuch securities as may be required by the Board. Any such trust agreement orresolution may set forth the rights and remedies of the holders of the bondsand the rights, remedies and immunities of the trustee or trustees, if any, andmay restrict the individual right of action by such holders. 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 of suchholders. All expenses incurred in carrying out the provisions of such trustagreement or resolution may be treated as a part of the cost of the project orprojects for which such bonds are issued or as an expense of operation of suchproject or projects, as the case may be.
All moneys received pursuant to the authority of this Article, whetheras proceeds from the sale of bonds or as revenues, shall be deemed to be trustfunds to be held and applied solely as provided in this Article. The Board mayprovide for the payment of the proceeds of the sale of the bonds and therevenues, or part thereof, to such officer, board or depositary as it maydesignate for the custody thereof, and for the method of disbursement thereof,with such safeguards and restrictions as it may determine. Any officer withwhom, or any bank or trust company with which, such moneys shall be depositedshall act as trustee of such moneys and shall hold and apply the same for thepurposes hereof, subject to such requirements as are provided in this Articleand in the resolution or trust agreement authorizing or securing such bonds.
Notwithstanding the provisions of any other law the Board may carryinsurance on any project or projects and any existing facilities in suchamounts and covering such risks as it may deem advisable.
Any holder of bonds issued under this Article or of any of the couponsappertaining thereto, and the trustee or trustees under any trust agreement,except to the extent the rights herein given may be restricted by such trustagreement or the resolution authorizing the issuance of such bonds, may, eitherat law or in equity, by suit, action, mandamus or other proceedings, protectand enforce any and all rights under the laws of the State or granted hereunderor under such trust agreement or resolution, and may enforce and compel theperformance of all duties required by this Article or by such trust agreementor resolution to be performed by the Board or by any officer thereof, includingthe fixing, charging and collecting of fees, rents and charges. (1963, c. 847, s. 6; 1983, c. 577, s. 8.)
§ 116‑192. Trustagreement; money received deemed trust funds; insurance; remedies.
In the discretion of the Board and subject to the approval of theDirector of the Budget, any revenue bonds issued under this Article may besecured by a trust agreement by and between the Board and a corporate trustee(or trustees) which may be any trust company or bank having the powers of atrust company within or without the State. Such trust agreement or theresolution providing for the issuance of such bonds may pledge or assign therevenues to be received, but shall not convey or mortgage any project orprojects or any existing facilities or any part thereof. Such trust agreementor resolution providing for the issuance of such bonds may contain suchprovisions for protecting and enforcing the rights and remedies of the holdersof such bonds as may be reasonable and proper and not in violation of law,including covenants setting forth the duties of the Board in relation to theacquisition, construction or provision of any project or projects, themaintenance, repair, operation and insurance of any project or projects and anyexisting facilities, student fees and admission fees and charges and otherfees, rents and charges to be fixed and collected, and the custody, safeguardingand application of all moneys. It shall be lawful for any bank or trust companyincorporated under the laws of the State which may act as depositary of theproceeds of bonds or revenues to furnish such indemnifying bonds or to pledgesuch securities as may be required by the Board. Any such trust agreement orresolution may set forth the rights and remedies of the holders of the bondsand the rights, remedies and immunities of the trustee or trustees, if any, andmay restrict the individual right of action by such holders. 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 of suchholders. All expenses incurred in carrying out the provisions of such trustagreement or resolution may be treated as a part of the cost of the project orprojects for which such bonds are issued or as an expense of operation of suchproject or projects, as the case may be.
All moneys received pursuant to the authority of this Article, whetheras proceeds from the sale of bonds or as revenues, shall be deemed to be trustfunds to be held and applied solely as provided in this Article. The Board mayprovide for the payment of the proceeds of the sale of the bonds and therevenues, or part thereof, to such officer, board or depositary as it maydesignate for the custody thereof, and for the method of disbursement thereof,with such safeguards and restrictions as it may determine. Any officer withwhom, or any bank or trust company with which, such moneys shall be depositedshall act as trustee of such moneys and shall hold and apply the same for thepurposes hereof, subject to such requirements as are provided in this Articleand in the resolution or trust agreement authorizing or securing such bonds.
Notwithstanding the provisions of any other law the Board may carryinsurance on any project or projects and any existing facilities in suchamounts and covering such risks as it may deem advisable.
Any holder of bonds issued under this Article or of any of the couponsappertaining thereto, and the trustee or trustees under any trust agreement,except to the extent the rights herein given may be restricted by such trustagreement or the resolution authorizing the issuance of such bonds, may, eitherat law or in equity, by suit, action, mandamus or other proceedings, protectand enforce any and all rights under the laws of the State or granted hereunderor under such trust agreement or resolution, and may enforce and compel theperformance of all duties required by this Article or by such trust agreementor resolution to be performed by the Board or by any officer thereof, includingthe fixing, charging and collecting of fees, rents and charges. (1963, c. 847, s. 6; 1983, c. 577, s. 8.)
