J. MILLARD TAWES, Governor                      823

10.

(d) Revenue bonds issued under the provisions of this section
shall not be deemed to constitute a debt of the State or of any
political subdivision thereof or a pledge of the faith and credit of
the State or of any such political subdivision, but such bonds shall
be payable solely from the funds herein provided therefor from
revenues of the projects [.] and, in the event the trustee under the
trust agreement securing such bonds holds any additional security
for the payment of the same, from the proceeds of such security.
All such revenue bonds shall contain on the face thereof a state-
ment to the effect that neither the Authority nor the State nor any
political subdivision thereof shall be obligated to pay the same or the
interest thereon except from revenues and, in case the trustee under
the trust agreement securing such bonds holds other security for the
payment of the same or the interest thereon, a statement to the effect
that neither the Authority nor the State nor any political subdivision
thereof shall be obligated to pay the same or the interest thereon
except from revenues and from the proceeds of such security, and
a statement to the effect that neither the faith and credit nor the
taxing power of the State or any political subdivision thereof is
pledged to the payment of the principal of or the interest on such
bonds.

12.

Revenue bonds issued under the provisions of this Article shall 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 may pledge or assign the rentals and other
revenues of the Authority [, but shall not convey or mortgage any
project or any part thereof.] , and, in the event that such bonds are
issued for the purpose of providing funds for paying the cost of any
port facility, may convey or assign such port facility as security for
the payment of the principal of and the interest on such bonds. Such
trust agreement shall 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 cove-
nants setting forth the duties of the Authority in relation to the
acquisition or construction of any project and the extension, enlarge-
ment, improvement, maintenance, operation, repair and insurance
of the projects and the custody, safeguarding and application of all
moneys and may contain provisions for the employment of consult-
ing engineers in connection with any such construction and the
operation of such projects. It shall be lawful for any bank or trust
company incorporated under the laws of this State which may act
as depositary of the proceeds of the bonds or of revenues to furnish
such indemnifying bonds or to pledge such securities as may be
required by the Authority. Such trust agreement shall 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, such trust agreement may contain such other provi-
sions 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 an item of
current expenses.