In the discretion of the authority, any issue of revenue bonds may be secured by a
trust agreement or indenture made by the authority with a corporate trustee which
may be any trust company or bank having the powers of a trust company within or without
the State of Georgia. Such trust agreement or indenture may pledge or assign rents,
fees, charges, revenues, and earnings to be received by the authority and any proceeds
which may be derived from the disposition of any real or personal property of the
authority or proceeds of insurance carried thereon. The resolution providing for the
issuance of revenue bonds and such trust agreement or indenture may contain provisions
for protecting and enforcing the rights and remedies of the bond owners, including
the right of foreclosure of any mortgage or encumbrance and the right of appointment
of a receiver upon default in the payment of any principal or interest obligation
and the right of any receiver or trustee to enforce collection of any rents, fees,
charges, or revenues for the use of the project necessary to pay all costs of operation
and all reserves provided for, the principal of and interest on all bonds in the issue,
all costs of collection, and all other costs reasonably necessary to accomplish the
collection of such sums in the event of any default of the authority. Such resolution
and trust agreement or indenture may include covenants setting forth the duties of
the authority in relation to the acquisition of property for and construction of the
project and to the custody, safeguarding, and application of all funds of the authority,
including any proceeds derived from the disposition of any real or personal property
of the authority or proceeds of insurance carried thereon, and covenants providing
for the operation, maintenance, repair, and insurance of the project and may contain
provisions concerning the conditions, if any, upon which additional bonds may be issued.
Such resolution and trust agreement or indenture may set forth the rights and remedies
of the bond owners and of the trustee and may restrict the individual right of action
of any bond owner as is customary in securing bonds and debentures of corporations
and may contain such other provisions as the authority may deem reasonable and proper
for the security of the bond owners. All expenses incurred in carrying out such trust
may be treated as a part of the cost of maintenance, operation, and repair of the
project affected by such trust.
(1970 Ga. Laws (Act No. 786), page 2126, § 15)
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