§1996.__Bonds; how secured

In the discretion of the authority, bonds may be secured by a trust indenture 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 outside of the State, or by a loan or other security agreement with a lender or with such a trustee containing provisions that may be included in a bond resolution or trust indenture under this chapter.__The trust indenture or loan or other security agreement may pledge or assign tolls or revenues to be received, but may not convey or mortgage the East- West Highway or any part of the East-West Highway. Either the resolution providing for the issuance of the bonds or the trust indenture or loan or other security agreement may contain 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 covenants setting forth the duties of the authority in relation to the acquisition of properties and the construction, maintenance, operation and repair and insurance of the East-West Highway and the custody, safeguarding and application of all money.__It is lawful for any bank or trust company incorporated under the laws of this State to act as depositories of the proceeds of the bonds or revenues and to furnish the indemnity bonds or to pledge such securities as may be required by the authority.__That indenture or loan or other security agreement may set forth the rights and remedies of the bondholders or other lenders and of the trustee, if any, and may restrict the individual right of action of bondholders or other lenders as is customary in trust indentures securing bonds and debentures of corporations.__The trust indenture may contain other provisions the authority considers reasonable and proper for the security of bondholders.__All expenses incurred in carrying out the trust indenture or loan or other security agreement may be treated as a part of the cost of maintenance, operation and repair of the East-West Highway.

§1997.__Exemption from taxes

The accomplishment by the authority of the authorized purpose stated in this chapter, being for the benefit of the people of the State and for the improvement of their commerce and prosperity, in which accomplishment the authority will be performing essential governmental functions, the authority is not required to pay any taxes or assessment on any property acquired or used for the purposes provided in this chapter, except that