§ 24-12-25 - Trust agreement. - Rhode-island Statutes

State Codes and Statutes

Statutes > Rhode-island > Title-24 > Chapter-24-12 > 24-12-25

SECTION 24-12-25

§ 24-12-25 Trust agreement. – In the discretion of the authority any bonds issued under the provisions ofthis chapter may be secured by a trust agreement by and between the authorityand a corporate trustee, which may be any trust company or bank having thepowers of a trust company within or without the state. The trust agreement orthe resolution providing for the issuance of the bonds may pledge or assign thetolls and other revenues to be received, but shall not convey or mortgage anyproject or any part thereof. The trust agreement or resolution providing forthe issuance of the bonds may contain such provisions for protecting andenforcing the rights and remedies of the bondholders as may be reasonable andproper and not in violation of law, including covenants setting forth theduties of the authority in relation to the acquisition of property and theconstruction, improvement, maintenance, repair, operation, and insurance of theproject or projects in connection with which the bonds shall have beenauthorized, the rates of toll to be charged, the custody, safeguarding andapplication of all moneys, and conditions or limitations with respect to theissuance of additional bonds. 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 of revenues to furnish the indemnifying bonds or to pledgesuch securities as may be required by the authority. Any trust agreement mayset forth the rights and remedies of the bondholders and of the trustee, andmay restrict the individual right of action by bondholders. In addition to theforegoing, any trust agreement or resolution may contain such other provisionsas the authority may deem reasonable and proper for the security of thebondholders. All expenses incurred in carrying out the provisions of the trustagreement or resolution may be treated as a part of the authority's cost ofoperation and maintenance.

State Codes and Statutes

Statutes > Rhode-island > Title-24 > Chapter-24-12 > 24-12-25

SECTION 24-12-25

§ 24-12-25 Trust agreement. – In the discretion of the authority any bonds issued under the provisions ofthis chapter may be secured by a trust agreement by and between the authorityand a corporate trustee, which may be any trust company or bank having thepowers of a trust company within or without the state. The trust agreement orthe resolution providing for the issuance of the bonds may pledge or assign thetolls and other revenues to be received, but shall not convey or mortgage anyproject or any part thereof. The trust agreement or resolution providing forthe issuance of the bonds may contain such provisions for protecting andenforcing the rights and remedies of the bondholders as may be reasonable andproper and not in violation of law, including covenants setting forth theduties of the authority in relation to the acquisition of property and theconstruction, improvement, maintenance, repair, operation, and insurance of theproject or projects in connection with which the bonds shall have beenauthorized, the rates of toll to be charged, the custody, safeguarding andapplication of all moneys, and conditions or limitations with respect to theissuance of additional bonds. 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 of revenues to furnish the indemnifying bonds or to pledgesuch securities as may be required by the authority. Any trust agreement mayset forth the rights and remedies of the bondholders and of the trustee, andmay restrict the individual right of action by bondholders. In addition to theforegoing, any trust agreement or resolution may contain such other provisionsas the authority may deem reasonable and proper for the security of thebondholders. All expenses incurred in carrying out the provisions of the trustagreement or resolution may be treated as a part of the authority's cost ofoperation and maintenance.

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State Codes and Statutes

Statutes > Rhode-island > Title-24 > Chapter-24-12 > 24-12-25

SECTION 24-12-25

§ 24-12-25 Trust agreement. – In the discretion of the authority any bonds issued under the provisions ofthis chapter may be secured by a trust agreement by and between the authorityand a corporate trustee, which may be any trust company or bank having thepowers of a trust company within or without the state. The trust agreement orthe resolution providing for the issuance of the bonds may pledge or assign thetolls and other revenues to be received, but shall not convey or mortgage anyproject or any part thereof. The trust agreement or resolution providing forthe issuance of the bonds may contain such provisions for protecting andenforcing the rights and remedies of the bondholders as may be reasonable andproper and not in violation of law, including covenants setting forth theduties of the authority in relation to the acquisition of property and theconstruction, improvement, maintenance, repair, operation, and insurance of theproject or projects in connection with which the bonds shall have beenauthorized, the rates of toll to be charged, the custody, safeguarding andapplication of all moneys, and conditions or limitations with respect to theissuance of additional bonds. 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 of revenues to furnish the indemnifying bonds or to pledgesuch securities as may be required by the authority. Any trust agreement mayset forth the rights and remedies of the bondholders and of the trustee, andmay restrict the individual right of action by bondholders. In addition to theforegoing, any trust agreement or resolution may contain such other provisionsas the authority may deem reasonable and proper for the security of thebondholders. All expenses incurred in carrying out the provisions of the trustagreement or resolution may be treated as a part of the authority's cost ofoperation and maintenance.