Section 18. In the discretion of the authority such bonds shall be secured by a trust agreement 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 the commonwealth. Either the resolution providing for the issue of bonds or such trust agreement 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, improvement, maintenance, operation, repair and insurance of property, and the custody, safeguarding and application of all moneys and may pledge or assign the revenues to be received, but shall not convey or mortgage any property.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 161b - Transportation Facilities, Highway Systems and Urban Development Plans
Section 2 - Transit Authorities Authorized; Territories; Powers, Duties and Liabilities
Section 4 - Administrator; Appointment; Tenure; Salary; Bond
Section 5 - Advisory Board; Members; Vote; Executive Committee; Meetings; Expenses
Section 6 - Powers of Authority
Section 8 - Limitations, Conditions, Obligations and Duties of Authority
Section 9a - Cape Cod Regional Transit Authority; Assessment Upon Member Cities and Towns
Section 12 - Audit; Report; Provision of Copies to Committee Chairs
Section 13 - Exemptions From Taxation and License Fees
Section 18 - Trust Agreement to Secure Bonds
Section 19 - Bonds Issued Under This Chapter; Authorized Investments; Use for Legal Deposits
Section 20 - Rights of Bondholders and Trustee; Enforcement Proceedings
Section 22 - Federal Assistance
Section 23 - Contract Assistance
Section 24 - Application of Other Laws
Section 25 - Direct Operation of Mass Transportation Service