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, 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. 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 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.
(1951 Ga. Laws (Act No. 319), page 497, § 15)
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