(a) The Authority may secure any revenue bond issued to provide funds for the purchase, acquisition, construction or improvement of any project by a trust indenture between the Authority and a corporate trustee. The trustee may be any trust company or bank having the powers of a trust company in or outside the State.
(b) The Authority may be a party to one or more trust indentures, if revenue bonds have been issued to finance more than a single project. A trust indenture may pledge or assign all revenues from any project or projects, but must not convey or mortgage the project or any part of it, unless authorized by the Council.
(c) The resolution authorizing the issuance of revenue bonds or trust indentures may contain provisions for the protection and enforcement of the rights and remedies of the bondholders, including:
(1) covenants setting forth the duties of the Authority in relation to the construction, acquisition, improvement, installation, maintenance, operation, repair, and insurance of any project, and the custody, safeguarding, and application of all moneys;
(2) requirements that any project be constructed and paid for under the supervision and approval of consulting engineers employed or designated by the Authority, and satisfactory to any trustee appointed or, if none, the original purchasers of the bonds;
(3) requirements that security given by contractors, and by any depository of the proceeds of the bonds or revenues of any project or other moneys relating to the bonds, be subject to approval by the trustee appointed or, if none, the original purchaser of the bonds; and
(4) statements of the rights and remedies of the bondholders and of the trustee which may restrict the individual right of action of bondholders as is customary in trust indentures securing bonds and debentures of corporations.
(d) Any bank or trust company incorporated under the laws of this State may act as depository of the proceeds of the bonds or revenues.
(e) All expenses incurred in carrying out such trust indenture may be treated as a part of the cost of maintenance, operation and repair of any project or projects. (1992 L.M.C., ch. 35, § 2.)