2010 Pennsylvania Code
Title 75 - VEHICLES
Chapter 95 - Taxes for Highway Maintenance and Construction
9511.6 - Trust indenture, protection of holders of obligations and depositories.

     § 9511.6.  Trust indenture, protection of holders of obligations
                and depositories.
        (a)  Indenture.--In the discretion of the commission, a bond,
     note or other obligation may be secured by a trust indenture by
     and between the commission and a corporate trustee, which may be
     any trust company or bank having the powers of a trust company,
     within or without this Commonwealth.
        (b)  Pledge or assignment.--A trust indenture under
     subsection (a) may pledge or assign the pledged revenues but
     shall not convey or mortgage the turnpike or any part of the
     turnpike.
        (c)  Rights and remedies.--The resolution providing for the
     issuance of the bond, note or other obligation of the trust
     indenture may contain provisions for protecting and enforcing
     the rights and remedies of the bondholders or holders of notes
     or other obligations as may be reasonable and proper and not in
     violation of law.
        (d)  Depository.--It shall be lawful for any bank or trust
     company incorporated under the laws of this Commonwealth to act
     as depository of the proceeds of the bond, note or other
     obligation or revenue, to furnish indemnity bonds or to pledge
     securities as may be required by the commission.
        (e)  Indenture.--The trust indenture may set forth the rights
     and remedies of the bondholders or holders of notes or other
     obligations and of the trustee and may restrict the individual
     right of action of bondholders or holders of notes or other
     obligations as is customary in trust indentures securing bonds,
     debentures of corporations, notes or other obligations. The
     trust indenture may contain other provisions as the commission
     may deem reasonable and proper for the security of bondholders
     or holders of notes or other obligations.
     (July 18, 2007, P.L.169, No.44, eff. imd.)

        2007 Amendment.  Act 44 added section 9511.6. Section 11.1 of
     Act 44 provided that Act 44 shall apply retroactively to July 1,
     2007.