SPIRO T. AGNEW, Governor                          815

13.14.—Negotiability. All bonds issued under the provisions of this
compact are negotiable instruments, except when registered in the
name of a registered owner.

13.15—Legal Investments. Bonds of the commission shall be legal
investments for savings banks, fiduciaries and public funds in each
of the signatory states.

13.16—Validation Proceedings. Prior to the issuance of any bonds,
the commission may institute a special proceeding to determine the
legality of proceedings to issue the bonds and their validity under
the laws of any of the signatory parties. Such proceedings shall be
instituted and prosecuted in rem, and the judgment rendered therein
shall be conclusive against all persons whomsoever and against each
of the signatory parties.

13.17—Recording. No indenture need be recorded or filed in any
public office, other than the office of the commission. The pledge of
revenues provided in any indenture shall take effect forthwith as
provided therein and irrespective of the date of receipts of such rev-
enues by the commission or the indenture trustee. Such pledge shall
be effective as provided in the indenture without physical delivery
of the revenues to the commission or the indenture trustee.

13.18—Pledged Revenues. Bond redemption and interest pay-
ments, to the extent provided in the resolution or indenture, shall
constitute a first, direct and exclusive charge and lien on all such
rates, rents, tolls, fees, and charges and other revenues and interest
thereon received from the use and operation of the facility, and on
any sinking or other funds created therefrom. All such rates, rents,
tolls, fees, charges and other revenues, together with interest thereon,
shall constitute a trust fund for the security and payment of such
bonds, and except as and to the extent provided in the indenture
with respect to the payment therefrom of expenses for other pur-
poses including administration, operation, maintenance, improve-
ments, or extensions of the facilities or other purposes shall not be
used or pledged for any other purpose so long as such bonds, or any
of them, are outstanding, and unpaid.

13.19—Remedies. The holder of any bond may for the equal benefit
and protection of all holders of bonds similarly situated; (1) by
mandamus or other appropriate proceedings require and compel the
performance of any of the duties imposed upon the commission or
assumed by it, its officers, agents, or employees under the provisions
of any indenture, in connection with the acquisition, construction,
operation, maintenance, repair, reconstruction, or insurance of the
facilities, or in connection with the collection, deposit, investment,
application, and disbursement of the rates, rents, tolls, fees, charges,
and other revenues derived from the operation and use of the facili-
ties, or in connection with the deposit, investment, and disbursement
of the proceeds received from the sale of bonds; or (2) by action or
suit in a court of competent jurisdiction of any signatory party re-
quire the commission to account as if it were the trustee of an express
trust, or enjoin any acts or things which may be unlawful or in viola-
tion of the rights of the holders of the bonds. The enumeration of
such rights and remedies, however, does not exclude the exercise or
prosecution of any other rights or remedies available to the holders
of bonds.