§ A3-8. Trust agreement or resolution.

In the discretion of the authority, each or any issue of bonds may be secured by a trust agreement 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 without the state. It shall be lawful for any bank or trust company incorporated under the laws of the state which may act as depository of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the authority. The resolution authorizing the issuance of bonds or any trust agreement securing such bonds may set forth the rights and remedies of the bondholders and of the trustee, if any, and may restrict the individual right of action by bondholders. Such resolution or trust agreement may contain such other provisions in addition to the foregoing as the authority may deem reasonable and proper for the security of the bondholders. The authority may provide for the payment of the proceeds of the sale of the bonds and the revenues of any airport facilities to such officer, board or depository as it may designate for the custody thereof, and for the method of disbursement thereof, with such safeguards and restrictions as it may determine. All expenses incurred in carrying out the provisions of such resolution or trust agreement may be treated as a part of the cost of operation.

The resolution authorizing the issuance of bonds to pay the cost of acquiring, constructing, reconstructing, improving, extending, enlarging or equipping any airport facilities or any trust agreement securing bonds issued for such purpose may pledge the revenues to be received from any airport facilities of the authority but shall not convey or mortgage any of such facilities, and may contain such 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, without limitation, covenants setting forth the duties of the authority in relation to the acquisition, construction, reconstruction, improvement, maintenance, repair, operation and insurance of any such facilities, the fixing and revising of rates, fees and charges, and the custody, safeguarding and application of all moneys, and for the employment of consulting engineers in connection with such acquisition, construction, reconstruction, improvement, maintenance, repair, operation or insurance.

Any pledge of revenues of any airport facilities under the provisions of this act [article] shall be valid and binding from the time when such pledge is made. Any such revenues so pledge and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further action, and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise, against the authority, irrespective of whether such parties have notice thereof.

(Laws of Fla., Ch. 81-436, § 8)