In the discretion of the City Council, any bonds issued under the provisions of this
chapter may be secured by a trust agreement or indenture by and between the City 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
indenture may pledge or assign the revenues to be received or proceeds of any contract
or contracts pledged, and may convey or mortgage any property. Such trust agreement
or indenture may contain such provisions for protecting and enforcing the rights and
remedies of the bond owners as may be reasonable and proper and not in violation of
law, including such provisions as is permitted to be included in any resolution or
resolutions of the City Council authorizing the issuance of bonds hereunder. Any bank
or trust company doing business under the laws of the State which may act as depositary
of the proceeds of bonds or of revenues or other moneys may furnish such indemnity
bonds or pledge such securities as may be required by the City. Any such trust agreement
or indenture may set forth the rights and remedies of the bond owners and of the trustee
or trustees, and may restrict the individual right of action by bond owners. In addition
to the foregoing, any such trust agreement or indenture may contain such other provisions
as the City Council may deem reasonable and proper for the security of the bond owners.
(Added by Ord. 3069-C.S., § 1, effective 12-4-97)
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