P.R. Laws tit. 12, § 1263
In the discretion of the Authority, any bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the Authority and a corporate trustee, which may be any trust company within or without the Commonwealth of Puerto Rico.
It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth of Puerto Rico, the United States or any state of the United States which may act as depositary of the proceeds of the bonds, revenues or other moneys, to furnish such indemnity bonds or to pledge such securities as may be required by the Authority. In addition to the foregoing, the trust agreement may contain all such provisions as the Authority may deem reasonable and proper for the protection of the bondholders.
History —June 27, 1977, No. 121, p. 310, § 12, renumbered as § 13 and amended on June 12, 1978, No. 48, p. 162, § 13.