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Section 92261 Of Chapter 5. Bonds And Notes From California Government Code >> Title 11. >> Chapter 5.
92261
. (a) The trust agreement or the resolution providing for the
issuance of the bonds may pledge or assign the revenues to be
received or proceeds of any contract or contracts pledged and may
convey or mortgage the project or projects, or any portion thereof,
to be financed out of the proceeds of the bonds. The trust agreement
or resolution providing for the issuance of the bonds may contain
provisions for protecting and enforcing the rights and remedies of
the bondholders as may be reasonable and proper and not in violation
of law, including particularly provisions specifically authorized to
be included in any resolution of the commission authorizing bonds
thereof.
(b) Any bank or trust company doing business under the laws of this state which may act as depository of the proceeds of bonds or of revenues or other moneys may furnish indemnifying bonds or pledge securities as may be required by the commission.
(c) Any trust agreement may set forth the rights and remedies of the bondholders and of the trustee or trustees, and may restrict the individual right of action by bondholders. In addition, any trust agreement or resolution may contain other provisions that the commission may deem reasonable and proper for the security of the bondholders.
(b) Any bank or trust company doing business under the laws of this state which may act as depository of the proceeds of bonds or of revenues or other moneys may furnish indemnifying bonds or pledge securities as may be required by the commission.
(c) Any trust agreement may set forth the rights and remedies of the bondholders and of the trustee or trustees, and may restrict the individual right of action by bondholders. In addition, any trust agreement or resolution may contain other provisions that the commission may deem reasonable and proper for the security of the bondholders.
