In the discretion of the authority, any bonds issued under the provisions of this
chapter may be secured by a loan and trust agreement by and between the (1) authority,
the state, and a corporate trustee, which may be any trust company or bank having
the powers of a trust company within or without the state; or (2) the authority,
the state and the state retirement system. The loan and trust agreement, or the resolution providing for the issuance of the
bonds, may pledge or assign the revenues of the authority and may contain such provisions
for protecting and enforcing the rights and remedies of the bondholders as may be
reasonable and proper and not in violation of law. 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 bonds or of revenues of the
authority to furnish such indemnifying bonds or to pledge such securities as may be
required by the authority. The loan and trust agreement may set forth the rights and remedies of the bondholders
and of the trustee, if applicable, and may restrict the individual right of action
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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