RCW 43.180.340
Trust agreements.
Any bonds issued under this subchapter may be secured by a trust agreement between the commission and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state. The trust agreement may evidence a pledge or assignment of the financing documents and lease, sale, or loan revenues to be received from a lessee or purchaser of or borrower with respect to a nonprofit facility for the payment of principal of and interest and any premium on the bonds as the same shall become due and payable and may provide for creation and maintenance of reserves for these purposes. A trust agreement or resolution providing for the issuance of the revenue bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondowners as may be reasonable and proper and not in violation of law, including covenants setting forth the duties in relation to the acquisition of property and the construction, improvement, maintenance, use, repair, operation, and insurance of the nonprofit facility for which the bonds are authorized, and the custody, safeguarding, and application of all money. Any bank or trust company incorporated under the laws of the state which may act as depository of the proceeds of revenue bonds or of revenues may furnish such indemnifying bonds or pledge such securities as may be required by the commission. A trust agreement may set forth the rights and remedies of the bondowners and of the trustee and may restrict the individual right of action by bondowners as is customary in trust agreements or trust indentures securing bonds and debentures of private corporations. In addition, a trust agreement may contain such provisions as the commission considers reasonable and proper for the security of the bondowners which are not in conflict with this subchapter.
[ 1990 c 167 § 6.]
Structure Revised Code of Washington
Title 43 - State Government—Executive
Chapter 43.180 - Housing Finance Commission.
43.180.010 - Declaration of public policies—Purpose.
43.180.030 - Bonds not debt of state.
43.180.040 - Commission created.
43.180.050 - Housing financing powers—Annual audit.
43.180.060 - No power of eminent domain or taxation.
43.180.070 - Housing finance plan.
43.180.090 - Selection of bond counsel—Written policies to be adopted.
43.180.100 - Selection of underwriters—Written policies to be adopted.
43.180.110 - Review of initial policies adopted under RCW 43.180.090 and 43.180.100—Adoption—Change.
43.180.120 - Rules for fair allocation of bond proceeds for nonrental single-family housing.
43.180.130 - Protection of bondholders—Mortgage insurance.
43.180.140 - Rules for energy efficiency.
43.180.150 - Bond issues—Terms—Issuance—Purchase, etc.
43.180.160 - Debt limitation—Washington works housing program.
43.180.170 - Bond issues—Disposition of proceeds—Special fund.
43.180.180 - Bond issues—Disposition of revenues—Special trust fund.
43.180.190 - Legal investments.
43.180.200 - Internal revenue code.
43.180.230 - Housing finance program—Program elements.
43.180.240 - Housing finance program—Report to legislature annually—Implementation.
43.180.245 - Condominium conversion tenant-to-homeowner program.
43.180.250 - Veteran homeownership downpayment assistance program—Rules.
43.180.260 - Sustainable energy trust program.
43.180.265 - Aviation biofuels facilities and production—Bond issuance—Financing powers—Definitions.
43.180.290 - Beginning farmer financing program.
43.180.295 - Renewable energy systems—Report—Financing tool.
43.180.310 - Commission powers.
43.180.330 - Revenue refunding bonds.
43.180.340 - Trust agreements.
43.180.350 - Lessees or assignees.
43.180.900 - Conflict with federal requirements.
43.180.901 - Liberal construction.
43.180.902 - Captions not part of law.
43.180.904 - Effective dates—1983 c 161.
43.180.905 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.