9.__Securing of principal and interest.__The principal of and interest on any securities issued by the board, together with any related costs and expenses, must be secured by a pledge of the revenues and receipts derived by the board from the project, projects or part of any project financed and from such other revenues of the board as may be specially pledged by the board and may be secured by a mortgage covering all or any part of the project, projects or part of any project, including any enlargements of and additions to the project, projects or part of any project made.__The resolution under which the securities may be issued and any mortgage may contain any agreements and provisions respecting the maintenance of the project, projects or part of any project covered; the fixing and collection of rents, fees or other charges; the creation and maintenance of special funds from the revenues and any reserve funds; and the rights and remedies available in the event of default.__Those agreements and provisions must be as the board considers advisable and not in conflict with this Act.__Each pledge, agreement and mortgage made for the benefit or security of any of the holders of securities continues in effect until the principal of and interest and any related costs and expenses on the securities for the benefit for which the securities were made have been fully paid.

§6416.__Pledges and covenants; trust agreement

In the discretion of the board, any securities issued under this Act may be secured by a trust agreement by and between the board and a corporate trustee, which may be any trust company or bank or national banking association having the powers of a trust company within or without the State.__The trust agreement or the resolution providing for the issuance of the securities may pledge or assign all or any portion of the revenues of the board or any project, projects or part of any project of the board and may contain such provisions for protecting and enforcing the rights and remedies of the holders of securities as may be reasonable and proper and not in violation of law.__The provisions may include covenants setting forth the duties of the board in relation to: the acquisition of property; the construction, reconstruction, renewal, replacement and insurance of any project, projects or part of any project in connection with which the securities have been authorized; the fees, charges or rents to be charged or other payments to be made for the use or payment for property; and the custody, safeguarding and application of all money.__It is lawful for any bank or trust company incorporated under the laws of the State that may act as