Idaho State Statutes - Idaho Attorney Directory

In the discretion of the
authority any bonds issued under this act may be secured by a trust agreement
by and between the authority and a corporate trustee or trustees, which may be
any trust company or bank having the powers of a trust company within or
without the state of Idaho. Such trust agreement or the resolution providing
for the issuance of such bonds may pledge or assign the revenues to be
received or proceeds of any contract or contracts pledged and may convey or
mortgage the project or any portion thereof. Such trust agreement or
resolution providing for the issuance of such bonds 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 particularly such provisions as have been specifically authorized to
be included in any resolution or resolutions of the authority authorizing
bonds thereof. Any bank or trust company incorporated under the laws of this
state, which may act as depository of the proceeds of bonds or of revenues or
other moneys, may furnish such indemnifying bonds or pledge such securities as
may be required by the authority. Any such trust agreement may set forth the
rights and remedies of the bondholders and of the trustee or trustees, and may
restrict the individual right of action by bondholders. In addition, any such
trust agreement 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 agreement or resolution may
be treated as a part of the cost of the operation of a facility.

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