California Health and Safety Code 34364 – An authority may:(a) Appoint one or more banks or trust …
An authority may:
(a) Appoint one or more banks or trust companies within or outside the state having the necessary trust powers as trustee, custodian, or trustee and custodian for the benefit of the bondholders, paying agent, or bond registrar.
Terms Used In California Health and Safety Code 34364
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23
- Trustee: A person or institution holding and administering property in trust.
(b) Vest in a trustee or the holders of bonds or any proportion of them the right to enforce the payment of the bonds or any covenants securing or relating to the bonds.
(c) Vest in a trustee the right, in the event of a default by the authority, to take possession and use, operate, and manage all or part of any housing project, and to collect and dispose of the rents and revenues arising from it pursuant to the agreement of the authority with the trustee.
(d) Provide for the powers and duties of a trustee and limit his liabilities.
(e) Provide the terms and conditions upon which the trustee or the holders of bonds or any proportion of them may enforce any covenant or rights securing or relating to the bonds.
(Amended by Stats. 1983, Ch. 1309, Sec. 16.)