Sec. 383.028. TRUSTS AS SECURITY. (a) The governing body may additionally secure bonds, including refunding bonds, by a trust indenture under which the trustee may be a bank having trust powers located inside or outside the state. (b) Regardless of any mortgage, deed of trust lien, or security interest under Section 383.029 , the trust indenture may: (1) contain any provision that the governing body prescribes for the security of the bonds and the preservation of the trust estate; (2) provide for amendment or modification of the trust indenture; (3) condition the right to spend the issuer's money or sell an issuer's control facility on approval of a registered professional engineer selected as provided by the trust indenture; (4) contain provisions governing issuance of bonds to replace lost, stolen, or mutilated bonds; and (5) otherwise provide for protecting and enforcing a bondholder's rights and remedies as is reasonable, proper, and lawful.
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