§ 19-606. Security

   (a) Authority. -- If the authorizing resolution provides, notes may be secured by:

   (1) a trust indenture with a corporate trustee, which may be any trust company or bank having the powers of a trust company in or outside the State; and

   (2) a letter of credit, line of credit, or other credit or liquidity instrument from or with a bank or other lending institution.

(b) Security given. -- A security provided by an authorizing resolution under this section may be secured by the same security given to holders of the notes for the performance by a county of the county's monetary obligations under the notes.

HISTORY: An. Code 1957, art. 31, § 33(f); 2013, ch. 119, § 2.