<?xml version='1.0' encoding='utf-8'?>
<section number="31-109" name="Security for Authority bonds; trust agreements" law="code" slug="sec-31-109" node_id="PTIITI17PULOLAPRGECOMA_SUBTITLE_31PRGECOSUHIEDLOAU_S31-109SEAUBOTRAG">
  <level label="a">
    <level label="1">
      <text>Any bonds issued under the provisions of this Subtitle may be secured by a trust agreement by and between the Authority, 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, and other persons, as appropriate.</text>
    </level>
    <level label="2">
      <text>Any trust agreement or bond resolution may:</text>
      <level label="A">
        <text>Pledge or assign any revenues to be received by the Authority or proceeds or benefits of any contract and may serve to convey or mortgage or otherwise secure any property or property rights;</text>
      </level>
      <level label="B">
        <text>Contain provisions for protecting and enforcing the rights and remedies of bondholders;</text>
      </level>
      <level label="C">
        <text>Restrict the individual rights of actions by bondholders; and</text>
      </level>
      <level label="D">
        <text>Contain such other provisions as the Authority deems appropriate.</text>
      </level>
    </level>
    <level label="3">
      <text>Any expense incurred in carrying out the provisions of the trust agreement may be treated as a part of the cost of the operation of an education loan program.</text>
    </level>
  </level>
</section>
