1009.9977 Trust agreement to secure obligations. - Florida Statutes

1009.9977 Trust agreement to secure obligations.

In the discretion of the authority, any obligations issued under the provisions of this act 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 without the state. The trust agreement may pledge or assign the revenues to be received by the authority; 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, particularly including such provisions as have hereinabove been specifically authorized to be included in any bond resolution of the authority; and may restrict individual rights of action by bondholders. Any bank or trust company incorporated under the laws of this state which may act as depository of the proceeds of bonds or of revenues or other moneys may furnish such indemnifying bonds or pledge such securities as may be required by the authority. Any such trust agreement may set forth the rights and remedies of the bondholders and of the trustee. In addition, any trust agreement may contain such other provisions as the authority may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of the trust agreement may be treated as part of the cost of the operation of an education loan program.

History. s. 505, ch. 2002-387.