(a) (1) The Corporation may secure a bond by a trust agreement between the Corporation and a corporate trustee. (2) A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State. (3) A corporation or trust company incorporated in the State may: (i) act as depository of bond proceeds or revenues; and (ii) furnish an indemnity bond or pledge security that the Corporation requires. (b) The trust agreement or the resolution that provides for the issuance of a bond may: (1) state the rights and remedies of bondholders and any trustee; (2) contain provisions to protect and enforce the rights and remedies of bondholders; (3) contain covenants stating the duties of the Corporation as to the custody, safeguarding, and application of money; (4) restrict the individual rights of action of bondholders; (5) provide for the payment of the bond proceeds and revenues to an officer, board, or depository that the Corporation determines with the safeguards and restrictions that the Corporation determines; and (6) provide for the method of disbursement of the bond proceeds and revenues, with the safeguards and restrictions that the Corporation determines. (c) Expenses incurred in carrying out a trust agreement may be treated as part of the cost of operation of the Corporation.
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