58-257. Bond resolution; provisions enumerated.
405 words·~2 min read·
/ne/chapter-58/58-257A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any resolution authorizing the issuance of bonds may contain provisions, which provisions shall be a part of the contract or contracts with the holders of such bonds, as to:
(1)Pledging all or any part of the revenue of the authority to secure the payment of the bonds, subject to such agreements with bondholders as then exist;
(2)Pledging all or any part of the assets of the authority, including financing agreements, mortgages, and obligations securing the same, to secure the payment of the bonds, subject to such agreements with bondholders as then exist;
(3)The use and disposition of the gross income from financing agreements, mortgages, or loans owned by the authority and payment of the principal of mortgages or loans owned by the authority;
(4)The setting aside of reserves or sinking funds and the regulation and disposition thereof;
(5)Limitations on the purposes to which the proceeds from the sale of bonds may be applied and pledging the proceeds to secure the payment of the bonds;
(6)Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding or other bonds;
(7)The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which the consent may be given;
(8)Limitations on the amount of money to be expended by the authority for operating expenses of the authority;
(9)Vesting in a trustee or trustees such property, rights, powers, and duties in trust as the authority may determine and limiting or abrogating the right of bondholders to appoint a trustee or limiting the rights, powers, and duties of the trustees;
(10)Defining the acts or omissions to act which shall constitute a default and the obligations or duties of the authority to the holders of the bonds and providing for the rights and remedies of the holders of the bonds in the event of default, including as a matter of right the appointment of a receiver, except that the rights and remedies shall not be inconsistent with the general laws of this state and other provisions of the Nebraska Investment Finance Authority Act; and
(11)Any other matter of like or different character which in any manner affects the security or protection of the holders of the bonds.