Louisiana Revised Statutes 48:1265 – Trust agreement
Terms Used In Louisiana Revised Statutes 48:1265
- Authority: shall mean the Department of Transportation and Development. See Louisiana Revised Statutes 48:1253
- expressway project: shall mean any limited access express highway, bridge, tunnel, approach or facility thereto constructed or to be constructed under the provisions of this Chapter, including but not limited to bridges, tunnels, overpasses, underpasses, traffic circles, interchanges, feeder roads, landscaping, entrance plazas, approaches, toll houses, service areas, communication facilities, such facilities for motor fuel and food as the authority may deem necessary or desirable, and administration, storage and other buildings which the authority may deem necessary for the operation of such project, together with all property, rights, easements and interests which may be acquired by the authority for the construction or the operation of such project. See Louisiana Revised Statutes 48:1253
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Revenues: shall mean all tolls, charges, rentals, gifts, grants, moneys, and all other funds coming into the possession or under the control of the authority by virtue of the provisions hereof, except the proceeds from the sale of bonds issued under this Chapter. See Louisiana Revised Statutes 48:1253
- Trustee: A person or institution holding and administering property in trust.
In the discretion of the authority any bonds issued under the provisions of this Chapter 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 or the resolution providing for the issuance of such bonds may pledge or assign the revenues to be received, but shall not convey or mortgage an expressway project or any part thereof. Such trust agreement or resolution providing for the issuance of such bonds 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 covenants setting forth the duties of the authority in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation and issuance of an expressway project or projects in connection with which such bonds shall have been authorized, the rates of toll to be charged, the custody, safe guarding and application of all moneys, and conditions or limitations with respect to the issuance of additional bonds. It shall be lawful for any bank or trust company incorporated under the laws of the state which may act as depository of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the authority. Any 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. In addition to the foregoing, any such trust agreement or resolution 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 such trust agreement may be treated as a part of the cost of the operation of the expressway project or projects.
Acts 1954, No. 232, §15.