6443

At the discretion of the Authority, any bond issued under the provisions of this chapter shall be secured by a trust agreement between the Authority and any bank or trust company, as provided hereinbelow, which may be a bank or trust company located in or outside of Puerto Rico. Notwithstanding any provision of law to the contrary, said trust agreement shall not have to be constituted by means of a public deed to be deemed a valid trust under the laws of the Government of the Commonwealth of Puerto Rico. It shall be legal for any bank or trust company incorporated under the laws of the Government of the Commonwealth of Puerto Rico, the United States of America or any State of the United States of America that acts as the depository of the proceeds of the bonds, revenues or other moneys, to provide those indemnity bonds or pledge those securities required by the Authority. In addition, the trust agreement shall contain all those provisions that the Authority deems are reasonable and proper for the protection of the bondholders.\nHistory —Sept. 2, 2000, No. 351, § 5.03; Oct. 4, 2001, No. 142, § 20.