1. (a) The authority may secure any bonds issued under this chapter by a trust agreement by and between the authority and a corporate trustee or trustees, which may be any trust company or bank in Indiana having the powers of a trust company.

2. (b) The bond resolution providing for the issuance of bonds secured by a trust agreement:

   1. (1) must pledge the revenues to be received by the authority from the project or projects;
   2. (2) may contain provisions for protecting and enforcing the rights and remedies of the bondholders as are reasonable and proper and not in violation of law, including provisions specifically authorized to be included in any bond resolution of the authority; and
   3. (3) may restrict the individual right of action by bondholders.
3. (c) Any bond resolution may contain any other provisions that the authority determines reasonable and proper for the security of the bondholders.

4. (d) All expenses incurred in carrying out the provisions of the bond resolution may be treated as a part of the cost of the operation of a project.

   [Pre-2007 Higher Education Recodification Citation: 20-12-63-16.]

As added by P.L.2-2007, SEC.69.