349.075. Trust agreements authorized. - Missouri Statutes

Trust agreements authorized.

349.075. A resolution of the corporation authorizing theissuance of any notes or bonds or any issue thereof may providethat such notes or bonds shall be secured by a trust agreementbetween the corporation and a corporate trustee, vesting in suchtrustee such property, rights, powers and duties in trust as thecorporation may determine. Any such trust agreement may pledge,assign, mortgage, or grant a security interest in the property inrevenues of the corporation, or any part thereof, to securepayment of any notes or bonds. Any such trust agreement maycontain such provisions for protecting and enforcing the rightsand remedies of the noteholders or bondholders as may bereasonable and proper, including covenants relating to theacquisition and construction of projects and the maintenance,repair and operation thereof, the rentals and other charges to beimposed for the use of any project, the custody and applicationof all moneys relating thereto. Such trust agreement may containsuch other provisions as the corporation determines reasonableand necessary for the security of the noteholders andbondholders. All expenses incurred in carrying out theprovisions of any such trust agreement may be considered as apart of the cost of the operation of the project.

(L. 1977 S.B. 267 § 14, A.L. 1980 H.B. 1582 & 1277)