§ 2.2-2206. Trust indenture or agreement securing bonds.
In the discretion of the Authority, any bonds issued under the provisions ofthis article may be secured by a trust indenture or agreement by and betweenthe Authority and a corporate trustee, which may be any trust company or bankhaving the powers of a trust company within or without the Commonwealth. Thetrust indenture or agreement or the resolution providing for the issuance ofthe bonds may (i) pledge or assign the revenues to be received and providefor the mortgage of any project or property or any part thereof and (ii)contain provisions for protecting and enforcing the rights and remedies ofthe bondholders as may be reasonable and proper and not in violation of law,including covenants providing for the repossession and sale by the Authorityor any trustees under any trust indenture or agreement of any project, orpart thereof, upon any default under the lease or sale of such project,setting forth the duties of the Authority in relation to the acquisition ofproperty and the planning, development, acquisition, construction,rehabilitation, establishment, improvement, extension, enlargement,maintenance, repair, operation and insurance of the project in connectionwith which the bonds shall have been authorized; the amounts of rates, rents,fees and other charges to be charged; the collection of such rates, rents,fees and other charges; the custody, safeguarding and application of allmoneys; and conditions or limitations with respect to the issuance ofadditional bonds. It shall be lawful for any national bank with its mainoffice in the Commonwealth or any other state or any bank or trust companyincorporated under the laws of the Commonwealth or another state that may actas depository of the proceeds of bonds or of revenues to furnish theindemnifying bonds or to pledge the securities required by the Authority. Anytrust indenture or agreement or resolution may set forth the rights of actionby bondholders. In addition to the foregoing, any such trust indenture oragreement or resolution may contain such other provisions as the Authoritymay deem reasonable and proper for the security of the bondholders including,without limitation, provisions for the assignment to a corporate trustee orescrow agent of any rights of the Authority in any project owned by, orleases or sales of any projects made by, the Authority. All expenses incurredin carrying out the provisions of the trust indenture or agreement orresolution or other agreements relating to any project, including those towhich the Authority may not be a party, may be treated as a part of the costof the operation of the project or projects.
§ 2.2-2206. Trust indenture or agreement securing bonds.
In the discretion of the Authority, any bonds issued under the provisions ofthis article may be secured by a trust indenture or agreement by and betweenthe Authority and a corporate trustee, which may be any trust company or bankhaving the powers of a trust company within or without the Commonwealth. Thetrust indenture or agreement or the resolution providing for the issuance ofthe bonds may (i) pledge or assign the revenues to be received and providefor the mortgage of any project or property or any part thereof and (ii)contain provisions for protecting and enforcing the rights and remedies ofthe bondholders as may be reasonable and proper and not in violation of law,including covenants providing for the repossession and sale by the Authorityor any trustees under any trust indenture or agreement of any project, orpart thereof, upon any default under the lease or sale of such project,setting forth the duties of the Authority in relation to the acquisition ofproperty and the planning, development, acquisition, construction,rehabilitation, establishment, improvement, extension, enlargement,maintenance, repair, operation and insurance of the project in connectionwith which the bonds shall have been authorized; the amounts of rates, rents,fees and other charges to be charged; the collection of such rates, rents,fees and other charges; the custody, safeguarding and application of allmoneys; and conditions or limitations with respect to the issuance ofadditional bonds. It shall be lawful for any national bank with its mainoffice in the Commonwealth or any other state or any bank or trust companyincorporated under the laws of the Commonwealth or another state that may actas depository of the proceeds of bonds or of revenues to furnish theindemnifying bonds or to pledge the securities required by the Authority. Anytrust indenture or agreement or resolution may set forth the rights of actionby bondholders. In addition to the foregoing, any such trust indenture oragreement or resolution may contain such other provisions as the Authoritymay deem reasonable and proper for the security of the bondholders including,without limitation, provisions for the assignment to a corporate trustee orescrow agent of any rights of the Authority in any project owned by, orleases or sales of any projects made by, the Authority. All expenses incurredin carrying out the provisions of the trust indenture or agreement orresolution or other agreements relating to any project, including those towhich the Authority may not be a party, may be treated as a part of the costof the operation of the project or projects.
§ 2.2-2206. Trust indenture or agreement securing bonds.
In the discretion of the Authority, any bonds issued under the provisions ofthis article may be secured by a trust indenture or agreement by and betweenthe Authority and a corporate trustee, which may be any trust company or bankhaving the powers of a trust company within or without the Commonwealth. Thetrust indenture or agreement or the resolution providing for the issuance ofthe bonds may (i) pledge or assign the revenues to be received and providefor the mortgage of any project or property or any part thereof and (ii)contain provisions for protecting and enforcing the rights and remedies ofthe bondholders as may be reasonable and proper and not in violation of law,including covenants providing for the repossession and sale by the Authorityor any trustees under any trust indenture or agreement of any project, orpart thereof, upon any default under the lease or sale of such project,setting forth the duties of the Authority in relation to the acquisition ofproperty and the planning, development, acquisition, construction,rehabilitation, establishment, improvement, extension, enlargement,maintenance, repair, operation and insurance of the project in connectionwith which the bonds shall have been authorized; the amounts of rates, rents,fees and other charges to be charged; the collection of such rates, rents,fees and other charges; the custody, safeguarding and application of allmoneys; and conditions or limitations with respect to the issuance ofadditional bonds. It shall be lawful for any national bank with its mainoffice in the Commonwealth or any other state or any bank or trust companyincorporated under the laws of the Commonwealth or another state that may actas depository of the proceeds of bonds or of revenues to furnish theindemnifying bonds or to pledge the securities required by the Authority. Anytrust indenture or agreement or resolution may set forth the rights of actionby bondholders. In addition to the foregoing, any such trust indenture oragreement or resolution may contain such other provisions as the Authoritymay deem reasonable and proper for the security of the bondholders including,without limitation, provisions for the assignment to a corporate trustee orescrow agent of any rights of the Authority in any project owned by, orleases or sales of any projects made by, the Authority. All expenses incurredin carrying out the provisions of the trust indenture or agreement orresolution or other agreements relating to any project, including those towhich the Authority may not be a party, may be treated as a part of the costof the operation of the project or projects.
