Sec. 11. (a) The board of directors of an authority may secure bonds issued or loans made under this chapter by a trust indenture between the authority and a corporate trustee, which may be any trust company or national or state bank within Indiana that has trust powers.

     (b) The trust indenture may:

(1) mortgage all or part of the toll road facility for which the bonds are issued or loan is made;

(2) contain reasonable and proper provisions for protecting and enforcing the rights and remedies of the bondholders or lenders, including covenants setting forth the duties of the authority and board concerning:

(A) the construction, operation, repair, maintenance, and insurance of the toll road facility; and

(B) the custody, safeguarding, and application of all money received or to be received by the authority on account of the toll road facility financed by the bonds or loan;

(3) set forth the rights and remedies of the bondholders or lenders and trustee; and

(4) restrict the individual right of action of bondholders or lenders.

     (c) Except as otherwise provided in this chapter, the board of directors may, by resolution or in the trust indenture, specify:

(1) the officer, board, or depository to which the proceeds of the bonds or loan shall be paid; and

(2) the method of disbursing those proceeds.

As added by P.L.386-1987(ss), SEC.21.