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- Alaska Statutes.
- Title 30. Navigation, Harbors, and Shipping
- Chapter 17. Adak Reuse Authority
- Section 220. Trust Indentures and Trust Agreements.
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Section 210. Bonds of the Authority.
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Section 230. Validity of Pledge.
AS 30.17.220. Trust Indentures and Trust Agreements.
In the discretion of the authority, an issue of bonds may be secured by a trust indenture or trust agreement between
the authority and a corporate trustee, which may be a trust company, bank, or national banking association, with
corporate trust powers, located inside or outside the state, or by a secured loan agreement or other instrument or
under a resolution giving powers to a corporate trustee, after this in this section referred to as "trust agreement,"
by means of which the authority may
- (1) make and enter into the covenants and agreements with the trustee or the holders of the bonds that the authority
determines necessary or desirable, including, without limitation, covenants, provisions, limitations, and agreements as
to
- (A) the application, investment, deposit, use, and disposition of the proceeds of the bonds of the authority or of money
or other property of the authority or in which it has an interest;
- (B) the fixing and collection of rents or other consideration for, and the other terms to be incorporated in, an agreement
with respect to a project;
- (C) the assignment by the authority of its rights in a mortgage or other security interest created with respect to a
project to a trustee for benefit of bondholders;
- (D) the terms and conditions upon which additional bonds of the authority may be issued;
- (E) the vesting in a trustee of rights, powers, duties, funds, or property in trust for the benefit of bondholders,
including, without limitation, the right to enforce payment, performance, and all other rights of the authority or of
the bondholders under a lease, contract of sale, mortgage, security agreement, or trust agreement with respect to a
project by appropriate judicial proceeding or by taking possession of by agent or otherwise and operating a project and
collecting rents or other consideration and applying the same in accordance with the trust agreement;
- (2) pledge, mortgage, or assign money, leases, agreements, property, or other assets of the authority either presently in
hand or to be received in the future, or both; and
- (3) provide for other matters that affect the security or protection of the bonds.
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