State Codes and Statutes
Statutes > Rhode-island > Title-45 > Chapter-45-38-1 > 45-38-1-10SECTION 45-38.1-10
§ 45-38.1-10 Trust agreement. – In the discretion of the corporation, any revenue bonds issued under theprovisions of this chapter may be secured by a trust agreement by and betweenthe corporation and a corporate trustee or trustees, which may be any trustcompany or bank having the powers of a trust company within or without thestate. The trust agreement or the resolution providing for the issuance of therevenue bonds may pledge or assign the revenues to be received or proceeds ofany contract or contracts pledged, and may convey or mortgage the project orany portion of it. The trust agreement or resolution providing for the issuanceof the revenue bonds may contain any provisions for protecting and enforcingthe rights and remedies of the bondholders that may be reasonable and properand not in violation of law, including, particularly, provisions as have beenspecifically authorized by this chapter to be included in any resolution orresolutions of the corporation authorizing revenue bonds. It is lawful for anybank or trust company incorporated under the laws of the state which may act asdepositary of the proceeds of bonds or of revenues or other moneys to furnishindemnifying bonds or to pledge securities as may be required by thecorporation. The trust agreement may establish the rights and remedies of thebondholders and of the trustee or trustees, and may restrict the individualright of action by bondholders. In addition to the preceding, any trustagreement or resolution may contain any other provisions that the corporationmay deem reasonable and proper for the security of the bondholders. Allexpenses incurred in carrying out the provisions of the trust agreement orresolution may be treated as a part of the cost of the operation of a projector of the education loan program.
