(a) In the discretion of the IFA or the NWIRDA, any bonds and notes issued under this chapter may be secured by a trust agreement by and between the IFA or the NWIRDA and a corporate trustee, which may be any trust company or bank having the powers of a trust company in Indiana. Such a trust agreement may also provide for a co-trustee, which may be any trust company or bank in the United States.(b) The trust agreement or the resolution providing for the issuance of the bonds or notes may contain provisions for protecting and enforcing the rights and remedies of the owners of bonds or notes as may be reasonable and proper, in the discretion of the IFA or the NWIRDA, and not in violation of law.(c) The trust agreement or resolution may set forth the rights and remedies of the owners of any bonds or notes of the trustee and may restrict the individual right of action by the owners.(d) Any trust agreement or resolution may contain other provisions that the IFA or the NWIRDA considers reasonable and proper for the security of the owners of bonds or notes.(e) All expenses incurred in carrying out the provisions of the trust agreement or resolution may be paid from money pledged ers reasonable and proper for the security of the owners of bonds or notes.(e) All expenses incurred in carrying out the provisions of the trust agreement or resolution may be paid from money pledged or assigned to the payment of the principal of and interest on bonds or notes or from funds available to the IFA or the NWIRDA.As added by P.L.189-2018, SEC.26.
Indiana Legal Code