§ 35-8.1-16. Loan and trust agreement. In the discretion of the authority, any bonds issued under the provisions of this chapter may be secured by a loan and trust agreement by and between the (1) authority, the state, and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state; or (2) the authority, the state and the state retirement system. The loan and trust agreement, or the resolution providing for the issuance of the bonds, may pledge or assign the revenues of the authority and 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. It shall be 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 of the authority to furnish such indemnifying bonds or to pledge such securities as may be required by the authority. The loan and trust agreement may set forth the rights and remedies of the bondholders and of the trustee, if applicable, and may restrict the individual right of action by bondholders.
History of Section. (P.L. 1987, ch. 12, § 1; P.L. 1994, ch. 70, art. 16, § 1.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.