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. 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, and the construction
of the project, the maintenance, operation, repair, and insurance of the project,
and the custody, safeguarding, and application of all moneys, 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 depositary of the proceeds
of the bonds or revenues or other moneys be satisfactory to such purchasers, and may
also contain provisions concerning the conditions, if any, upon which additional revenue
bonds may be issued pari passu with the revenue bonds initially issued pursuant to
such resolution or trust indenture. It shall be lawful for any bank or trust company
incorporated under the laws of this state to act as such depositary 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 as is customary
in trust indentures securing bonds and debentures of corporations. In addition to
the foregoing provisions of this section, such trust indenture or resolution 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 or
resolution may be treated as a part of the cost of maintenance, operation, and repair
of the project affected by such indenture.
(1999 Ga. Laws (Act No. 283, page 4815, § 16)
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