26:2I-8 - Bonds secured by trust agreement - New Jersey Statutes

26:2I-8.  Bonds secured by trust agreement
    In the discretion of the authority, any bonds issued under the provisions of  this act may be secured by a trust agreement by and between the authority and a  corporate trustee or trustees, which may be any trust company or bank having  the powers of a trust company within or without the State.  Such trust agreement or the resolution providing for the issuance of such bonds may pledge  or assign the revenues or other moneys or securities to be received or proceeds  of any contract or contracts pledged. Such trust agreement or resolution  providing for the issuance of such bonds 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, including particularly such  provisions as have hereinabove been specifically authorized to be included in  any resolution or resolutions of the authority authorizing bonds thereof.  Any  bank or trust company incorporated under the laws of this State which may act  as depositary of the proceeds of bonds or revenues or other moneys or securities 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 or trustees, and may  restrict the individual right of action by bondholders.  In addition to the  foregoing, any such trust agreement or resolution 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 such  trust agreement or resolution may be treated as project costs.

     L.1972, c. 29, s. 8.