§ 10. Revenue Certificates.

(a)

Revenue certificates issued under the provisions of this Chapter shall be payable from the Revenues derived from the operation of any facility or combination of facilities under the supervision, operation and control of the Authority and from any other funds legally available therefor. The issuance of such revenue certificates shall not directly, indirectly or contingently obligate the state, the Authority or the county to levy any ad valorem taxes or to make any appropriations for their payment.

(b)

The Authority shall not convey or mortgage any facilities or any part thereof as security for the payment of the revenue certificates.

(c)

In the discretion of the Authority, each, or any issue of such revenue certificates 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 outside of the state. Such trust agreement may pledge or assign the Revenues to be received by the Authority. The resolution providing for the issuance of revenue certificates or such trust agreement may contain such provisions for protecting and enforcing the rights and remedies of the certificate holders as may be reasonable, proper and not in violation of law, including covenants setting forth the duties of the Authority in relation to the acquisition, construction, improvement, maintenance, operation, repair, equipping and insurance of the facilities, and the custody, safeguarding and application of all monies. It shall be lawful for any bank or trust company incorporated under the laws of this state to act as such depository and to furnish such indemnifying bonds or to pledge such securities as may be required by the Authority. Such resolution or such trust agreement may restrict the individual right of action by certificate holders as is customary in trust agreements securing bonds or debentures of corporations. In addition to the foregoing, such resolution or such trust agreement may contain such other provisions as the Authority may deem reasonable and proper for the security of certificate holders. Except as in this Chapter otherwise provided, the Authority may provide, by resolution or by trust agreement, for the payment of the proceeds of the sale of the revenue certificates and the revenues of the facilities to such officer, board or depository as it may determine 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 such trust agreement may be treated as a part of the cost of operation of the facilities affected by such trust agreement.

(d)

The resolution or trust agreement providing for the issuance of the revenue certificates may also contain such limitations upon the issuance of additional revenue certificates as the Authority may deem proper, and such additional certificates shall be issued under such restrictions or limitations as may be prescribed by such resolution or trust agreement.