In the discretion of the Authority any bonds issued under the provisions ofthis article 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 Commonwealth. The trustagreement or the resolution providing for the issuance of the bonds may (i)pledge or assign the revenues to be received and provide for the mortgage ofany project or property or any part thereof and (ii) contain provisions forprotecting and enforcing the rights and remedies of the bondholders as may bereasonable and proper and not in violation of law, including covenantssetting 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 have been authorized, the rates and fees to be charged,the custody, safeguarding and application of all moneys, and conditions orlimitations with respect to the issuance of additional bonds. It shall belawful for any bank or trust company incorporated under the laws of theCommonwealth which may act as depository of the proceeds of bonds or ofrevenue to furnish the indemnifying bonds or to pledge the securitiesrequired by the Authority. Any trust agreement may set forth the rights ofaction by bondholders. In addition to the foregoing, any trust agreement orresolution may contain such other provisions as the Authority may deemreasonable and proper for the security of the bondholders. All expensesincurred in carrying out the provisions of the trust agreement or resolutionmay be treated as a part of the cost of the operation of the project orprojects.
In the discretion of the Authority any bonds issued under the provisions ofthis article 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 Commonwealth. The trustagreement or the resolution providing for the issuance of the bonds may (i)pledge or assign the revenues to be received and provide for the mortgage ofany project or property or any part thereof and (ii) contain provisions forprotecting and enforcing the rights and remedies of the bondholders as may bereasonable and proper and not in violation of law, including covenantssetting 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 have been authorized, the rates and fees to be charged,the custody, safeguarding and application of all moneys, and conditions orlimitations with respect to the issuance of additional bonds. It shall belawful for any bank or trust company incorporated under the laws of theCommonwealth which may act as depository of the proceeds of bonds or ofrevenue to furnish the indemnifying bonds or to pledge the securitiesrequired by the Authority. Any trust agreement may set forth the rights ofaction by bondholders. In addition to the foregoing, any trust agreement orresolution may contain such other provisions as the Authority may deemreasonable and proper for the security of the bondholders. All expensesincurred in carrying out the provisions of the trust agreement or resolutionmay be treated as a part of the cost of the operation of the project orprojects.
In the discretion of the Authority any bonds issued under the provisions ofthis article 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 Commonwealth. The trustagreement or the resolution providing for the issuance of the bonds may (i)pledge or assign the revenues to be received and provide for the mortgage ofany project or property or any part thereof and (ii) contain provisions forprotecting and enforcing the rights and remedies of the bondholders as may bereasonable and proper and not in violation of law, including covenantssetting 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 have been authorized, the rates and fees to be charged,the custody, safeguarding and application of all moneys, and conditions orlimitations with respect to the issuance of additional bonds. It shall belawful for any bank or trust company incorporated under the laws of theCommonwealth which may act as depository of the proceeds of bonds or ofrevenue to furnish the indemnifying bonds or to pledge the securitiesrequired by the Authority. Any trust agreement may set forth the rights ofaction by bondholders. In addition to the foregoing, any trust agreement orresolution may contain such other provisions as the Authority may deemreasonable and proper for the security of the bondholders. All expensesincurred in carrying out the provisions of the trust agreement or resolutionmay be treated as a part of the cost of the operation of the project orprojects.
