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 fees, tolls, revenues and
earnings to be received by the authority, including the proceeds derived from the
sale, from time to time, of any surplus property of the authority, both real and personal.
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 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 property; and the custody, safeguarding and application of all monies,
including the proceeds derived from the sale of property of the authority, both real
and personal; and may also provide that any project shall be constructed and paid
for under the supervision and approval 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 monies 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 incorporated under the laws of this state 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 indenture 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.
(1960 Ga. Laws (Act No. 766), page 2810, § 15)
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