Marvin Mandel, Governor                        1291

be governed by the provisions of this Article relating to [revenue]
bonds or notes, insofar as the same may be applicable.

15.

(b) Issue and sell its bond anticipation notes, the principal of
and interest on said notes to be made payable to the bearer or regis-
tered holder thereof out of the first proceeds of sale of any bonds
issued under this Article, or from any other available monies of the
Service, provided that the authorizing resolution may make provi-
sion for the issuance of such bond anticipation notes in series as
funds are required and for the renewal of such notes at maturity
with or without resale. The issuance of such notes and the details
thereof, the rights of the holders thereof, and the rights, duties and
obligations of the Service in respect thereto, shall be governed by the
provisions of this Article relating to [revenue] bonds, insofar as
the same may be applicable.

16.

(a)   Bonds authorized to be issued under the provisions of this Arti-
cle by resolution of the Boards BOARD of Directors may be secured by
a trust agreement by and between the Service and a corporate trustee,
which may be any trust company, or bank having trust powers, with-
in or without the State. Such trust agreement, or such authorizing
resolution, may pledge or assign all or any part of the revenues of
the Service or of any project or other available funds of the Service.
[and may mortgage any project or any part thereof.] Any such
trust agreement or resolution authorizing the issuance of bonds may
contain such provisions for the protection and enforcement of the
rights and remedies of the bondholders as may be deemed reasonable
and proper, including covenants setting forth the duties of the Serv-
ice in relation to the acquisition or construction of any project, the
extension, enlargement, improvement, maintenance, operation, re-
pair and insurance of any project and the custody, safeguarding and
application of moneys and may contain provisions for the employ-
ment of consulting engineers in connection with the construction or
operation of any project. 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 re-
quired by the Board of Directors. 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, such trust agreement may contain such
other provisions as the Board of Directors may deem reasonable and
proper for the security of the bondholders, including, without limi-
tation, covenants to abandon, restrict or prohibit the construction or
operation of competing facilities and covenants pertaining to the
issuance of additional parity bonds upon conditions stated therein
consistent with the requirements of this Article. All expenses in-
curred in carrying out the provisions of any such trust agreement
may be treated as a part of the cost of the operation of any project
or projects in connection with which such bonds shall have been
issued.

(b)    The proceeds of the sale of bonds secured by a trust agree-
ment shall be paid to the Trustee under [any] the trust agreement