Section 16952 Of Article 2. Issuance Of Bonds To Finance The Program From California Government Code >> Division 4. >> Title 2. >> Part 3. >> Chapter 8. >> Article 2.
16952
. In the discretion of the committee, any bonds issued under
this chapter may be secured by a trust agreement, indenture, or
resolution between the state and any trustee, which may be the
Treasurer or any trust company or bank having the powers of a trust
company chartered under the laws of any state or the United States
and designated by the Treasurer. The trust agreement, indenture, or
resolution may contain provisions for protecting and enforcing the
rights and remedies of the bond owners as may be reasonable and not
in violation of law. Any trust agreement, indenture, or resolution
may set forth the rights and remedies of the bond owners and of the
trustee and may restrict the individual right of action by bond
owners. In addition to the foregoing, any trust agreement, indenture,
or resolution may contain other provisions as the committee may deem
reasonable for the security of the bond owners, including, but not
limited to, provisions specifying the date or dates on which debt
service payments on the bonds shall be transferred to the trustee.
Any trust accounts created by the trust agreement, indenture, or
resolution may be held outside the State Treasury.