In the discretion of the Authority, any bonds issued under the provisions ofthis chapter may be secured by a trust indenture 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 this Commonwealth. Such trustindenture or the resolution providing for the issuance of such bonds maypledge or assign all or any part of the funds of the Authority available forsuch purpose, including, but without limitation, (i) payments of principal ofand interest on educational institution bonds purchased by the Authority,(ii) proceeds of the sale of any such educational institution bonds, (iii)payments of principal of and interest on obligations transferred to theAuthority by the General Assembly or from other assets or moneys transferredto the Authority by the General Assembly or educational institutions,including lease payments and other sources of revenue, (iv) proceeds of thesale of any such obligations or assets, (v) proceeds from the sale of bondsof the Authority, (vi) security interests granted by the Authority or anyeducational institution in, or other liens on, equipment, whether suchequipment has been leased or sold to an educational institution, (vii) all orany part of the payments due the Authority from educational institutionsunder any leases, sale agreements, loans or other agreements made by theAuthority with the educational institutions pursuant to § 23-30.27:1, and anyfunds realized from enforcing security for such payments, (viii) payments dueunder policies of bond insurance, letters of credit or other creditenhancement securing payment of principal of and interest on bonds of theAuthority, (ix) any moneys in any, or all of the funds as the Authority mayfrom time to time establish pursuant to § 23-30.27:1, (x) any reserve orsinking funds created by the Authority to secure such bonds, and (xi) otheravailable funds of the Authority. Such trust indenture or resolution may alsopledge or assign any other rights of the Authority in equipment owned by, orleases or sales of equipment made by, the Authority. Such trust indenture orresolution providing for the issuance of such bonds may contain suchprovisions for protecting and enforcing the rights and remedies of thebondholders as may be reasonable and proper and not in violation of law. Suchtrust indenture or resolution providing for the issuance of such bonds mayprovide for the creation and maintenance of such reserves as the Authorityshall determine to be proper, and may include covenants setting forth theduties of the Authority in relation to the acquisition of any equipment oreducational institution bonds; the care, leasing or sale of equipment toeducational institutions; the substitution of any educational institutionbonds, equipment, leases, security interest or other security as security forthe payment of the bonds of the Authority; care, use and insurance ofequipment; the repossession and sale of leased or sold equipment by theAuthority or the trustee under any trust indenture upon any default under thelease or sale of such equipment; and the collection of payments due theAuthority under leases or agreements of sale of equipment and payments ofprincipal and interest on any educational institution bonds and on anyobligations or other assets held by the Authority. It shall be lawful for anybank or trust company incorporated under the laws of the Commonwealth whichmay act as depository of the proceeds of bonds or of revenues to furnish suchindemnifying bonds or to pledge such securities as may be required by theAuthority. Any such trust indenture may set forth the rights and remedies ofthe bondholders and the trustee, and may restrict the individual right ofaction by bondholders. In addition to the foregoing, any such trust indentureor resolution 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 such trust indenture or resolutionmay be treated as a part of the administration costs of the Authority.Neither the resolution nor any trust indenture by which a pledge is createdneed be filed or recorded except in the records of the Authority.
(1964, c. 607; 1966, c. 685; 1986, c. 597; 1996, cc. 672, 689.)
In the discretion of the Authority, any bonds issued under the provisions ofthis chapter may be secured by a trust indenture 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 this Commonwealth. Such trustindenture or the resolution providing for the issuance of such bonds maypledge or assign all or any part of the funds of the Authority available forsuch purpose, including, but without limitation, (i) payments of principal ofand interest on educational institution bonds purchased by the Authority,(ii) proceeds of the sale of any such educational institution bonds, (iii)payments of principal of and interest on obligations transferred to theAuthority by the General Assembly or from other assets or moneys transferredto the Authority by the General Assembly or educational institutions,including lease payments and other sources of revenue, (iv) proceeds of thesale of any such obligations or assets, (v) proceeds from the sale of bondsof the Authority, (vi) security interests granted by the Authority or anyeducational institution in, or other liens on, equipment, whether suchequipment has been leased or sold to an educational institution, (vii) all orany part of the payments due the Authority from educational institutionsunder any leases, sale agreements, loans or other agreements made by theAuthority with the educational institutions pursuant to § 23-30.27:1, and anyfunds realized from enforcing security for such payments, (viii) payments dueunder policies of bond insurance, letters of credit or other creditenhancement securing payment of principal of and interest on bonds of theAuthority, (ix) any moneys in any, or all of the funds as the Authority mayfrom time to time establish pursuant to § 23-30.27:1, (x) any reserve orsinking funds created by the Authority to secure such bonds, and (xi) otheravailable funds of the Authority. Such trust indenture or resolution may alsopledge or assign any other rights of the Authority in equipment owned by, orleases or sales of equipment made by, the Authority. Such trust indenture orresolution providing for the issuance of such bonds may contain suchprovisions for protecting and enforcing the rights and remedies of thebondholders as may be reasonable and proper and not in violation of law. Suchtrust indenture or resolution providing for the issuance of such bonds mayprovide for the creation and maintenance of such reserves as the Authorityshall determine to be proper, and may include covenants setting forth theduties of the Authority in relation to the acquisition of any equipment oreducational institution bonds; the care, leasing or sale of equipment toeducational institutions; the substitution of any educational institutionbonds, equipment, leases, security interest or other security as security forthe payment of the bonds of the Authority; care, use and insurance ofequipment; the repossession and sale of leased or sold equipment by theAuthority or the trustee under any trust indenture upon any default under thelease or sale of such equipment; and the collection of payments due theAuthority under leases or agreements of sale of equipment and payments ofprincipal and interest on any educational institution bonds and on anyobligations or other assets held by the Authority. It shall be lawful for anybank or trust company incorporated under the laws of the Commonwealth whichmay act as depository of the proceeds of bonds or of revenues to furnish suchindemnifying bonds or to pledge such securities as may be required by theAuthority. Any such trust indenture may set forth the rights and remedies ofthe bondholders and the trustee, and may restrict the individual right ofaction by bondholders. In addition to the foregoing, any such trust indentureor resolution 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 such trust indenture or resolutionmay be treated as a part of the administration costs of the Authority.Neither the resolution nor any trust indenture by which a pledge is createdneed be filed or recorded except in the records of the Authority.
(1964, c. 607; 1966, c. 685; 1986, c. 597; 1996, cc. 672, 689.)
In the discretion of the Authority, any bonds issued under the provisions ofthis chapter may be secured by a trust indenture 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 this Commonwealth. Such trustindenture or the resolution providing for the issuance of such bonds maypledge or assign all or any part of the funds of the Authority available forsuch purpose, including, but without limitation, (i) payments of principal ofand interest on educational institution bonds purchased by the Authority,(ii) proceeds of the sale of any such educational institution bonds, (iii)payments of principal of and interest on obligations transferred to theAuthority by the General Assembly or from other assets or moneys transferredto the Authority by the General Assembly or educational institutions,including lease payments and other sources of revenue, (iv) proceeds of thesale of any such obligations or assets, (v) proceeds from the sale of bondsof the Authority, (vi) security interests granted by the Authority or anyeducational institution in, or other liens on, equipment, whether suchequipment has been leased or sold to an educational institution, (vii) all orany part of the payments due the Authority from educational institutionsunder any leases, sale agreements, loans or other agreements made by theAuthority with the educational institutions pursuant to § 23-30.27:1, and anyfunds realized from enforcing security for such payments, (viii) payments dueunder policies of bond insurance, letters of credit or other creditenhancement securing payment of principal of and interest on bonds of theAuthority, (ix) any moneys in any, or all of the funds as the Authority mayfrom time to time establish pursuant to § 23-30.27:1, (x) any reserve orsinking funds created by the Authority to secure such bonds, and (xi) otheravailable funds of the Authority. Such trust indenture or resolution may alsopledge or assign any other rights of the Authority in equipment owned by, orleases or sales of equipment made by, the Authority. Such trust indenture orresolution providing for the issuance of such bonds may contain suchprovisions for protecting and enforcing the rights and remedies of thebondholders as may be reasonable and proper and not in violation of law. Suchtrust indenture or resolution providing for the issuance of such bonds mayprovide for the creation and maintenance of such reserves as the Authorityshall determine to be proper, and may include covenants setting forth theduties of the Authority in relation to the acquisition of any equipment oreducational institution bonds; the care, leasing or sale of equipment toeducational institutions; the substitution of any educational institutionbonds, equipment, leases, security interest or other security as security forthe payment of the bonds of the Authority; care, use and insurance ofequipment; the repossession and sale of leased or sold equipment by theAuthority or the trustee under any trust indenture upon any default under thelease or sale of such equipment; and the collection of payments due theAuthority under leases or agreements of sale of equipment and payments ofprincipal and interest on any educational institution bonds and on anyobligations or other assets held by the Authority. It shall be lawful for anybank or trust company incorporated under the laws of the Commonwealth whichmay act as depository of the proceeds of bonds or of revenues to furnish suchindemnifying bonds or to pledge such securities as may be required by theAuthority. Any such trust indenture may set forth the rights and remedies ofthe bondholders and the trustee, and may restrict the individual right ofaction by bondholders. In addition to the foregoing, any such trust indentureor resolution 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 such trust indenture or resolutionmay be treated as a part of the administration costs of the Authority.Neither the resolution nor any trust indenture by which a pledge is createdneed be filed or recorded except in the records of the Authority.
(1964, c. 607; 1966, c. 685; 1986, c. 597; 1996, cc. 672, 689.)
