In connection with the issuance of bonds or the incurring of any obligation under a lease and in order to secure the payment of the bonds or obligations, the authority may:

1. (1) vest in a trustee the right to enforce any covenant made to secure the payment of the bonds or obligations;
2. (2) provide for the powers and duties of the trustee and limit the trustee's liabilities; and
3. (3) provide the terms and conditions upon which the trustee or a designated proportion of the holders of bonds may enforce any covenant.

History: En. Sec. 16, Ch. 140, L. 1935; re-en. Sec. 5309.16, R.C.M. 1935; R.C.M. 1947, 35-116(part); amd. Sec. 24, Ch. 253, L. 1979; amd. Sec. 625, Ch. 61, L. 2007.