05-16-83 Meeting of the La Porte Area Water Authority Board Minutes

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1 of less than all of the holders of the outstand ing bonds or notes 2 payable from the same source to institute or prosecute any litiga- 3 tion affecting the authority's properties or revenues. 4 G. Any bonds or notes, including refunding bonds, authorized 5 by this Act may be additionally secured by a trust indenture under 6 which the trustee may be a bank having trust powers situated either 7 within or outside the state. The bonds or notes, within the dis- 8 cretion of both the authority and the city council of the City of 9 La Porte, may be additionally secured by a mortgage or a deed of trust 10 lien or security interest on facilities or assets of the authority 11 and all real property, franchises, easements, leases and contracts 12 and all rights appurtenant to the properties, vesting in the trustee 13 power to sell such facilities or assets for the payment of the indebt- 14 edness, power to operate such facilities or assets and all other 15 powers and authority for the further security of the bonds or notes. 16 Such trust indenture, regardless of the mortgage or the deed of trust 17 lien or security interest in the facilities or assets may contain any 18 provisions prescribed by the authority and the city council of the 19 Ci ty of La Porte for the security of the bonds or notes and the 20 preservation of the trust estate, and may make provision for amend- 21 ment or modification of them, and may condition the right to expend 22 the authority's money or sell the authority's facilities or assets 23 upon approval of a registered professional engineer selected as 24 provided therein, and may make any other provisions for protecting 25 and enforcing the rights and remedies of the bondholders or note- 26 holders as may be reasonable and proper and not in violation of the 27 law. The resolution or trust indenture may also contain provisions 21