§ 11. Trust Agreement.

In the discretion of the Authority each or any issue of such revenue bonds may be secured by a trust agreement by and between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the State. Such trust agreement may pledge or assign the revenues to be received, but shall not convey or mortgage any project or any part thereof. Either the resolution providing for the issuance of revenue bonds or such trust agreement 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 laws, including covenants setting forth the duties of the Authority in relation to the acquisition, construction, extension, enlargement, maintenance, operation, repair and insurance of a project and the custody, safeguarding and application of all moneys. It shall be lawful for any bank or trust company incorporated under the laws of this state to act as depository of the proceeds of bonds or of revenues and to furnish such indemnifying bonds or to pledge such securities as may be required by the Authority. Such trust agreement may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders as is customary in trust agreements or trust indentures securing bonds and debentures of corporations. In addition to the foregoing, such trust agreement may contain such other provisions as the Authority may deem reasonable and proper for the security of bondholders. Except as in this act otherwise provided, the Authority may provide, by resolution or by such trust agreement, for the payment of the proceeds of the sale of the bonds and the revenues of the project or projects to such officer, board or depository as it may determine for the custody thereof, and for the method of disbursement thereof, with such safeguards and restrictions as it may determine. All expenses incurred in carrying out the provisions of such trust agreement may be treated as a part of the cost of operation of the project or projects affected by such trust agreement.

(Laws of Fla. ch. 57-1658, § 11; Laws of Fla. ch. 75-464, § 23)