§ 43.163.160. Nonrecourse revenue bonds -- Money received shall be trust funds
All money received by or on behalf of the authority with respect to this issuance of its bonds shall be trust funds to be held and applied solely as provided in this chapter. The authority, in lieu of receiving and applying the moneys itself, may enter into trust agreement or indenture with one or more banks or trust companies having the power and authority to conduct trust business in the state to:
(1) Perform all of any part of the obligations of the authority with respect to: (a) Bonds issued by it; (b) the receipt, investment and application of the proceeds of the bonds and money paid by a participant or available from other sources for the payment of the bonds; (c) the enforcement of the obligations of a borrower in connection with the financing or refinancing of any project; and (d) other matters relating to the exercise of the authority's powers under this chapter;
(2) Receive, hold, preserve, and enforce any security interest or evidence of security interest granted by a participant for purposes of securing the payment of the bonds; and
(3) Act on behalf of the authority or the owners of bonds of the authority for purposes of assuring or enforcing the payment of the bonds, when due.
[1989 c 279 § 17.]
Sections: Previous 43.163.080 43.163.090 43.163.100 43.163.110 43.163.120 43.163.130 43.163.140 43.163.150 43.163.160 43.163.170 43.163.180 43.163.190 43.163.200 43.163.210 43.163.901 NextLast modified: April 7, 2009