In the discretion of the board, any issue of bonds may be secured by a trust agreement
by and between the district and a corporate trustee or trustees, which may be any
trust company or bank having the powers of a trust company within or without the state.
The resolution authorizing the issuance of the bonds or such trust agreement may pledge
the revenues to be received from any projects of the district and may contain such
provisions for protecting and enforcing the rights and remedies of the bondholders
as the board may approve, including without limitation covenants setting forth the
duties of the district in relation to the acquisition, construction, reconstruction,
improvements, maintenance, repair, operation and insurance of any projects, the fixing
and revising of the rates, fees, and charges, and the custody, safeguarding and application
of all moneys, and for the employment of counseling engineers in connection with such
acquisition, construction, reconstruction, improvement, maintenance, repair or operation.
It shall be lawful for any bank or trust company incorporated under the laws of the
state which may act as a depository of the proceeds of bonds or of revenues to furnish
such indemnifying bonds or to pledge such securities as may be required by the district.
Such resolution or trust agreement may set forth the rights and remedies of the bondholders
and of the trustee, if any, and may restrict the individual right of action by bondholders.
The board may provide for the payment of the proceeds of the sale of the bonds and
the revenues of any project to such officer, board or depository as it may designate
for the custody thereof, and for the method of disbursement thereof with such safeguards
and restrictions as it may determine. All expenses incurred in carrying out the provisions
of such resolution or trust agreement may be treated as part of the cost of operation
of the project to which such trust agreement pertains.
(Sp. Acts, Ch. 70-617, § 21)
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