| | |
| 6.__Conclusive authorization.__All bonds of the authority are | | 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. |
|
| | | §11496.__Trust agreement; pledge of security |
|
| | | 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, a credit | | union 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. |
|
| | | 2.__Pledge of security.__This subsection governs a pledge of | | security pursuant to this chapter. |
|
| | | A.__ All money 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, is 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 eligible lender, servicer, | | custodian or collection agent with which such money is | | deposited is deemed to be holding such money in trust for | | the benefit of the authority or the bondholders, as | | specified in the applicable resolution, trust agreement or | | other agreement and shall apply such money solely for the | | purposes of this chapter, subject to such restrictions as | | this chapter, the applicable resolution, trust agreement or | | other agreement may provide. |
|
| | | B.__Any pledge made by the authority of income, revenues or | | other property is valid and binding from the time the pledge | | is made.__The income, revenue or other property so pledged | | and received after being pledged 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 other agreement that | | is authorized by this chapter and pledged pursuant to a |
|
|
