237-A:3 Trust or Security Agreement or Resolution. –
Any bonds issued under this chapter may be secured by a resolution or by a trust or security agreement between the state and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state, or by a trust or security agreement directly between the state and the purchasers of the bonds, and such resolution or trust or security agreement shall be in such form and executed in such manner as may be determined by the treasurer, with the approval of the governor and council. Such trust or security agreement or resolution may pledge or assign, in whole or in part, the revenues held or to be received by the state from or on account of the turnpike system and any contract or other rights to receive the same, whether then existing or thereafter coming into existence and whether then held or thereafter acquired by the state, and any proceeds thereof. Such trust or security agreement or resolution may contain such provisions for protecting and enforcing the rights, security and remedies of the bondholders as may, in the discretion of the treasurer, be reasonable and proper and not in violation of law. Without limiting the generality of the foregoing, such agreement or resolution may include provisions defining defaults and providing for remedies in the event thereof (which may include the acceleration of maturities), and covenants setting forth the duties of, and limitations on, the state in relation to the custody, safeguarding, investment and application of moneys, the issue of additional or refunding bonds, the fixing, revision and collection of tolls, charges and other revenues, the use of any surplus bond proceeds, the establishment of reserves, the construction and operation of any turnpike, any contracts relating thereto and subsequent amendments of such provisions and contracts. In accordance with such trust or security agreement or resolution, the commissioner of transportation, with the approval of the governor and council, shall establish toll rates and other charges for use of the turnpike system or any part of the right-of-way and any other property acquired in connection therewith. It shall be lawful for any bank or trust company to act as a depository or trustee of the proceeds of bonds, revenues or other moneys under a trust or security agreement or resolution and to furnish such indemnification or to pledge such securities and issue such letters or lines of credit or other credit facilities as may be required by the state acting under this chapter. Any such trust or security agreement or resolution may set forth the rights and remedies of bondholders and of the trustee and may restrict the individual right of action by bondholders.