§ 230-77. Trust agreements and covenants for securing bonds.

(a)

Any resolution authorizing the issuance of bonds under the provisions of this act [article] may provide for the execution of a trust agreement securing such bonds, and such resolution or trust agreement 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 covenants setting forth the duties of the district commission in relation to the acquisition, construction, reconstruction, improvement, extension, enlargement, equipment, maintenance, repair, operation and insurance of any racing and recreational facilities and provisions for the custody, safeguarding and application of all moneys, and for the employment of consulting engineers in connection with such acquisition, construction, reconstruction, improvement, extension, enlargement, equipment, maintenance, repair, operation and insurance of any such racing and recreational facilities. Such resolution or trust agreement 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 as is customary in trust agreements or trust indentures. In addition to the foregoing, such resolution or trust agreement may contain such other provisions as may be deemed reasonable and proper for the security of the bondholders. Except as in this act [article] otherwise provided, such resolution or trust agreement may provide for the payment of the proceeds of the sale of the bonds and the revenues of the racing and recreational facilities to such officer, board or depositary as may be designated for the custody thereof, and for the method of disbursement thereof, with such safeguards and restrictions as may be deemed desirable. 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.

(b)

Any pledge of revenues made by such resolution or trust agreement shall be valid and binding from the time when the pledge is made; the rates, rentals, fees and charges and any other revenues so pledged and thereafter received by the district commission shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act; and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the district, irrespective of whether such parties have notice thereof.

(Laws of Fla. ch. 31343 (1955), § 7)