In the discretion and at the option of the governing body of the authority, such bonds
may be secured by a trust indenture by and between the authority and a corporate trustee,
which may be a trust company or bank having powers of a trust company within or without
the state of West Virginia, but no such trust indenture shall convey, mortgage or
create any lien upon the water supply, wastewater transportation or treatment system
or any part thereof of the authority or its member public agencies. The resolution authorizing the bonds and fixing the details thereof may provide
that such trust indenture may contain such provisions for protecting and enforcing
the rights and remedies of bondholders as may be reasonable and proper, not in violation
of law, including covenants setting forth the duties of the authority and the members
of its governing body and officers in relation to the construction or acquisition
of the water supply, wastewater transportation or treatment system and the improvement,
extension, operation, repair, maintenance and insurance thereof, and the custody,
safeguarding and application of all moneys, and may provide that all or any part of
the construction work shall be contracted for, constructed and paid for, under the
supervision and approval of consulting engineers employed or designated by the governing
body and satisfactory to the original bond purchasers, their successors, assignees
or nominees, who may be given the right to require the security given by contractors
and by any depository of the proceeds of bonds or revenues of the water supply, wastewater
transportation or treatment system or other money pertaining thereto be satisfactory
to such purchasers, their successors, assignees or nominees. Such indenture may set forth the rights and remedies of the bondholders and such
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