New Jersey § 18a:72a-9

§ 18a:72a-9.

In the discretion of the authority, any bonds issued under the provisions of this

chapter may be secured by a trust agreement by and between the authority 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. Such trust agreement or the resolution providing for the issuance of such bonds

may pledge or assign the revenues or other moneys to be received or proceeds of any

contract or contracts pledged. Such trust agreement or resolution providing for the issuance of such bonds may

contain such 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 such provisions as have hereinabove been specifically authorized to be

included in any resolution or resolutions of the authority authorizing bonds thereof. Any bank or trust company incorporated under the laws of this state which may act

as depositary of the proceeds of bonds or of revenues or other moneys may furnish

such indemnifying bonds or pledge such securities as may be required by the authority. Any such 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 to the foregoing, any such trust agreement or resolution may contain

such other provisions as the authority may deem reasonable and proper for the security

of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or

resolution may be treated as a part of the cost of construction or operation of a

project.