§5-6-9. Trustee for holders of bonds; contents of trust agreement

Published: 2015

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WVC 5-6-9

§5-6-9. Trustee for holders of bonds; contents of trust agreement.

The commission may enter into an agreement or agreements with

any trust company, or with any bank having the powers of a trust

company, whether within or outside of the state, as trustee for the

holders of bonds issued hereunder, setting forth therein such

duties of the state and of the commission in respect of the

acquisition, construction, improvement, maintenance, operation,

repair and insurance of the project, the conservation and

application of all moneys, the insurance of moneys on hand or on

deposit, and the rights and remedies of the trustee and the holders

of the bonds, as may be agreed upon with the original purchasers of

such bonds, and including therein provisions restricting the

individual right of action of bondholders as is customary in trust

agreements respecting bonds and debentures of corporations,

protecting and enforcing the rights and remedies of the trustee and

the bondholders, and providing for approval by the original

purchasers of the bonds of the appointment of consulting

architects, and of the security given by those who contract to

construct the building, and by any bank or trust company in which

the proceeds of bonds or rentals shall be deposited, and for

approval by the consulting architects of all contracts for

construction. All expenses incurred in carrying out such agreement

may be treated as a part of the cost of maintenance, operation and

repairs of the project.

Note: WV Code updated with legislation passed through the 2015 Regular Session

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