58-842. Bond issuance; resolution; provisions enumerated.

341 words·~2 min read·/ne/chapter-58/58-842

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any resolution or resolutions authorizing any bonds or any issue of bonds and any trust indenture securing any bonds or any issue of bonds may contain provisions, which shall be a part of the contract with the holders of the bonds to be authorized, as to

(1)pledging or assigning the revenue of the project or loan with respect to which such bonds are to be issued or the revenue of any other property, facilities, or loans,

(2)the rentals, fees, loan payments, and other amounts to be charged, the amounts to be raised in each year thereby, and the use and disposition of such amounts,

(3)the setting aside of reserves or sinking funds, and the regulation, investment, and disposition thereof,

(4)limitations on the use of the project,

(5)limitations on the purpose to which or the investments in which the proceeds of sale of any issue of bonds then or thereafter to be issued may be applied and pledging such proceeds to secure the payment of the bonds or any issue 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 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 such consent may be given,

(8)limitations on the amount of money derived from the project or loan to be expended for operating, administrative, or other expenses of the authority,

(9)defining the acts or omissions to act which shall constitute a default in the duties of the authority to holders of its obligations and providing the rights and remedies of such holders in the event of a default,

(10)the mortgaging of a project and the site thereof or any other property for the purpose of securing the bondholders, and

(11)any other matters relating to the bonds which the authority deems desirable.