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this chapter or carrying of any investment, the authority may enter | | into agreements with financial institutions that the authority | | determines to be necessary or appropriate to place the obligation | | or investment of the authority, in whole or in part, on the | | interest rate, cash flow or other basis as determined by the | | authority. |
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| | | 5.__ Purchasing, refunding or refinancing by authority.__The | | authority may purchase its bonds out of any available funds and | | may hold, pledge, cancel or resell the bonds subject to and in | | accordance with agreements with bondholders.__The authority may | | refund or refinance any of its bonds. |
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| | | 6.__Conclusive authorization.__All bonds of the authority must | | be conclusively presumed to be fully authorized and issued under | | the laws of the State, and any person or governmental unit is | | estopped from questioning their authorization, sale, issuance, | | execution or delivery by the authority. |
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| | | §11496.__Trust agreement; pledge of security |
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| | | 1.__Trust agreement.__Any bonds issued under this chapter may | | be secured by a trust agreement by and between any or all of the | | following:__the authority, a financial institution 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. |
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| | | 2.__Pledge of security.__This subsection governs a pledge of | | security pursuant to this chapter. |
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| | | A.__ All moneys received by the authority or received on behalf | | of the authority by any eligible lender, servicer, trustee, | | custodian or collection agent, pursuant to any resolution, trust | | agreement or any other agreement authorized by this chapter and | | pledged pursuant to a resolution, trust agreement or other | | agreement for the benefit of the bondholders, whether as proceeds | | from the sale of bonds or as revenues, are deemed to be trust | | funds to be held and applied solely as provided in such | | resolution, trust agreement or other agreement.__Subject to the | | provisions of any such resolution, trust agreement or other | | agreement, any such money may be invested in such investments and | | investment agreements as may be approved by resolution of the | | authority.__Any servicer, custodian or collection agent with | | which such money is deposited is deemed to hold such money in | | trust for the benefit of the authority or the bondholders and | | shall apply such money solely for the purposes of this chapter, | | subject to such |
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