261A.13 - TRUST AGREEMENT TO SECURE OBLIGATIONS. - Iowa Statutes

261A.13 TRUST AGREEMENT TO SECURE OBLIGATIONS. In the discretion of the authority, obligations may be secured by a trust agreement by and between the authority and a corporate trustee or trustees, which may be a trust company or bank located in the state of Iowa that has the powers of a trust company. The bond resolution shall pledge the revenues to be received by the authority, may contain provisions for protecting and enforcing the rights and remedies of the holders of obligations as reasonable and proper and not in violation of law, including provisions that have been authorized to be included in any bond resolution of the authority, and may restrict the individual right of action by holders of obligations. A trust agreement may contain other provisions the authority deems reasonable and proper for the security of the holders of obligations. Expenses incurred in carrying out the trust agreement may be treated as a part of the cost of the operation of an education loan program.          Section History: Early Form [82 Acts, ch 1031, § 13] Referred to in § 261A.24