In the discretion of the Authority, any bonds issued under the provision of this article may be secured by a trust agreement by and between the Authority and a participating institution of higher education or noncollegiate educational institution or a participating hospital 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. Such trust agreement or the resolution providing for the issuance of such bonds may contain a pledge or assignment of the revenues to be received or proceeds of any contract or contracts pledged, and may serve to convey or mortgage the project or any portion thereof, or in lieu thereof, may contain provisions for the creation of a collateral account. 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 hereinabove been specifically authorized to be included in any resolution or resolutions of the Authority authorizing bonds thereof. 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 to the foregoing, 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 the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of a project.