2006 Code of Virginia § 3.1-54 - Trust indenture

3.1-54. Trust indenture.

In the discretion of the authority any bonds issued under the provisions ofthis article may be secured by trust indenture by way of a conveyance, deedof trust or mortgage of the market or any part thereof or by a trustagreement by and between the authority and a corporate trustee, which may beany trust company or bank having the powers of a trust company within orwithout the Commonwealth or by both such conveyance, deed of trust ormortgage and indenture or trust agreement. Such trust indenture or agreementor the resolution providing for the issuance of such bonds may pledge orassign the tolls, fees, rents or other charges to be received. Such trustindenture or agreement or resolution providing for the issuance of such bondsmay contain such provisions for protecting and enforcing the rights andremedies of the bondholders as may be reasonable and proper and not inviolation of law, including covenants setting forth the duties of theauthority in relation to the acquisition of property and the construction,improvement, maintenance, repair, operation and insurance of the market, andthe rates of tolls, fees, rents and other charges to be charged, and thecustody, safeguarding and application of all moneys of the authority, andconditions or limitations with respect to the issuance of additional bonds.It shall be lawful for any bank or trust company incorporated under the lawsof the Commonwealth which may act as depository of the proceeds of such bondsor of other revenues of the authority to furnish indemnifying bonds or topledge such securities as may be required by the authority. Such trustindenture may set forth the rights and remedies of the bondholders and of thetrustee, and may restrict the individual right of action by bondholders. Inaddition to the foregoing, such trust indenture or agreement or resolutionmay contain such other provisions as the authority may deem reasonable andproper for the security of the bondholders. All expenses incurred in carryingout the provisions of such trust indenture or agreement or resolution may betreated as a part of the cost of the market.

(Code 1950, 3-79.8; 1954, c. 407; 1966, c. 702.)