§ 45-50-15. Trust agreements.
In the discretion of the authority, any bonds issued under the provisions of this chapter may 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 or without the state. The trust agreement or the resolution providing for the issuance of the bonds may pledge or assign the revenues to be received, and may convey or mortgage or grant a security interest in any project or any part of it or any combination of projects or parts of them. The trust agreement or resolution providing for the issuance of the bonds may contain provisions for protecting and enforcing the rights and remedies of the bondholders or noteholders as may be reasonable and proper and not in violation of law, including covenants stating the duties of the authority in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation, and insurance of the project or projects in connection with which the bonds have been authorized, the custody, safeguarding, and application of all moneys, and conditions or limitations with respect to the issuance of additional bonds. It is lawful for any bank or trust company incorporated under the laws of the state which may act as depository of the proceeds of bonds or of revenues to furnish indemnifying bonds or to pledge securities as may be required by the authority. Any trust agreement may state the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders. In addition to the preceding, any trust agreement or resolution may contain any other provisions that the authority may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of the trust agreement or resolution may be treated as a part of the authority’s cost of operation and maintenance.
History of Section.P.L. 1987, ch. 475, § 1.
Structure Rhode Island General Laws
Chapter 45-50 - Municipal Public Buildings Authorities
Section 45-50-1. - Short title.
Section 45-50-2. - Authorities created.
Section 45-50-4. - Resolution conclusive as to capacity of authority.
Section 45-50-5. - Appointment of authority members.
Section 45-50-5.1. - Compliance with laws and contractual obligations.
Section 45-50-5.2. - Interest of members or employees in property.
Section 45-50-5.3. - Evaluation and approval.
Section 45-50-6. - Tenure of authority members.
Section 45-50-7. - Officers and quorums.
Section 45-50-8. - Reimbursement for expenses.
Section 45-50-9. - Definitions.
Section 45-50-11. - Credit of state, political subdivisions, and authority not pledged.
Section 45-50-12. - Powers of authority.
Section 45-50-13. - Eminent domain proceedings.
Section 45-50-14. - Revenue bonds.
Section 45-50-15. - Trust agreements.
Section 45-50-17. - Trust funds.
Section 45-50-19. - Exemptions from taxation.
Section 45-50-20. - Bonds eligible for investment.
Section 45-50-21. - Negotiable instruments.
Section 45-50-22. - Refunding bonds.
Section 45-50-23. - Use of projects.
Section 45-50-24. - Limitation of powers.
Section 45-50-25. - Actions authorized by resolution.
Section 45-50-26. - Annual report and audit.
Section 45-50-27. - Transfer of project to governmental body.
Section 45-50-28. - Inconsistent provisions.
Section 45-50-29. - Applicability of other laws.