Sec. 9. Trust Agreement to Secure Authority Obligations. In the discretion of the authority, any obligations issued under the provisions
of this chapter may be secured by a trust agreement by and between the authority and
a corporate trustee, which may be any trust company or bank having the powers of a
trust company within or outside the state of Indiana. Such trust agreement or the resolution providing for the issuance of such obligations,
whether or not secured, may pledge or assign all or any part of the revenues or assets
of the authority, including, without limitation, mortgage loans, mortgage loan commitments,
construction loans, loans to lenders, contracts, agreements and other security or
investment obligations, the fees or charges made or received by the authority, the
moneys received in payment of loans and interest thereon, and any other moneys received
or to be received by the authority. Such trust agreement or resolution may contain such provisions for protecting and
enforcing the rights and remedies of the holders of any such obligations as may be
reasonable and proper and not in violation of law, including convenants setting forth
the duties of the authority in relation to the purposes to which obligation proceeds
may be applied, the disposition or pledging of the revenues or assets of the authority,
the terms and conditions for the issuance of additional obligations, and the custody,
safeguarding and application of all moneys. It shall be lawful for any bank or trust company incorporated under the laws of
the state which may act as depository of the proceeds of obligations, revenues, or
other money to furnish such indemnifying bonds or to pledge such securities as may
be required by the authority. Any such trust agreement or resolution may set forth the rights and remedies of
the holders of any obligations and of the trustee, and may restrict the individual
right of action by any such holders. In addition to the foregoing, any such trust agreement or resolution may contain
such other provisions as the authority may deem reasonable and proper for the security
of the holders of any obligations. All expenses incurred in carrying out the provisions of such trust agreement or
resolution may be paid from the revenues or assets pledged or assigned to the payment
of the principal of and the interest on obligations, or from any other funds available
to the authority.
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