(110 ILCS 945/11) (from Ch. 144, par. 1611)
Sec. 11.
Trust agreement to secure Bonds.
In the discretion of the Authority
any Bonds issued under the provisions of this Act 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 in the State of Illinois having the
powers of a trust company. The Bond resolution providing for
the issuance of Bonds so secured shall pledge the revenues to be received
by the Authority, including any or all of the revenues specified in Section
10(c) of this Act, 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 Bond resolution
of the Authority, and may restrict the individual
right of action by Bondholders. In addition to the foregoing, any trust agreement
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 the trust agreement may be treated as a part
of the cost of the operation of an Education Loan program.
(Source: P.A. 85-1326.)
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