§ 10-10 Trust indenture.

In the discretion of the Authority, such revenue bonds may be secured by a trust indenture by and between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside of the State. Such trust indenture may pledge or assign all revenues to be received from the Market but shall not convey or mortgage the Market or any part thereof.

Either the resolution providing for the issuance of revenue bonds or such trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper, not in violation of law, including covenants setting forth the duties of the Authority in relation to the construction, acquisition, improvement, installation, maintenance, operation, repair and insurance of the Market and the custody, safeguarding and application of all monies, and may provide that the Market shall be constructed and paid for under the supervision and approval of consulting engineers employed or designated by the Authority and satisfactory to the original purchasers of the bonds issued hereunder, and may further provide that the security given by contractors and by any depositary of the proceeds of the bonds or revenues of the Market or other monies pertaining thereto, be satisfactory to such purchasers.

It shall be lawful for any bank or trust company incorporated under the laws of this State to act as depositary of the proceeds of the bonds or revenues and to furnish such indemnity bonds or to pledge such securities as may be required by the Authority.

Such resolution or such trust indenture may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action of bondholders as is customary in trust indentures securing bonds and debentures of corporations.

Except as in this subheading otherwise provided, the Authority may provide by resolution or by such trust indenture for the payment of the proceeds of the sale of the bonds and the revenues of the Market to such officer, board or depositary as it may determine for the custody thereof, and for the method of disbursement thereof, with such safeguards and restrictions as it may determine.

All expenses incurred in carrying out such trust indenture may be treated as a part of the cost of maintenance, operation and repair of the Market.