2007 Minnesota Statutes

136A.33 TRUST AGREEMENT.
In the discretion of the authority any revenue bonds issued under the provisions of sections
136A.25 to 136A.42, 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 the state. Such trust agreement or the resolution providing for the issuance
of such revenue 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 revenue 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 laws, including particularly such provisions as have
hereinabove been specifically authorized to be included in any resolution or resolutions of the
authority authorizing revenue bonds thereof. 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 or other
moneys may furnish such indemnifying bonds or pledges 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 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.
History: 1971 c 868 s 9