In the discretion of the authority, any issue of such revenue bonds may be secured
by a trust indenture 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 outside
of the state. Such trust indenture may pledge or assign rents, revenue and earnings
to be received by the authority. Either the resolution providing for the issuance
of revenue bonds or such trust indenture 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 the law, including covenants setting forth the duties
of the authority in relation to the acquisition of property, the construction of the
project, the maintenance, operation, repair, and insurance of the project, and the
custody, safeguarding and application of all moneys, and may also provide that any
project shall be constructed and paid for with the professional assistance of consulting
engineers or architects employed or designated by the authority and satisfactory to
the original purchasers of the bonds issued therefor, and may also require that the
security given by contractors and by any depository of the proceeds of the bonds or
revenues or other moneys be satisfactory to such purchasers, and may also contain
provisions concerning the conditions, if any, upon which additional revenue bonds
may be issued. It shall be lawful for any bank or trust company having the powers
of a trust company under the laws of this state, any other state, or the United States
to act as such depository and to furnish such indemnifying bonds or pledge such securities
as may be required by the authority. Such indenture may set forth the rights and remedies
of the bondholders and of the trustee and may restrict the individual right of action
of bondholders as is customary in trust indentures securing bonds and debentures of
corporations. In addition to the foregoing, such trust indentures 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 such trust indenture may
be treated as a part of the cost of maintenance, operation and repair of the project
affected by such indenture.
