261A.43 - RESOLUTION PROVISIONS.
261A.43 RESOLUTION PROVISIONS.
The resolution authorizing obligations or an issue of obligations
may contain provisions, which shall be a part of the contract with
the holders of the obligations to be authorized, as to:
1. Pledging or assigning the revenue of the project with respect
to which the obligations are to be issued or the revenue of other
property or facilities.
2. Setting aside reserves or sinking funds, and the regulation,
investment, and disposition of them.
3. Limitations on the use of the project.
4. Limitations on the purpose to which or the investments in
which the proceeds of sale of an issue of obligations then or
thereafter to be issued may be applied and pledging the proceeds to
secure the payment of the obligations or an issue of the obligations.
5. Limitations on the issuance of additional obligations, the
terms upon which additional obligations may be issued and secured,
and the refunding of outstanding obligations.
6. The procedure, if any, by which the terms of any contract with
obligation holders may be amended or abrogated, the amount of
obligations the holders of which must consent to the amendment or
abrogation, and the manner in which the consent may be given.
7. Limitations on the amount of money derived from the project to
be expended for operating, administrative, or other expenses of the
authority.
8. Defining the acts or omissions to act which constitute a
default in the duties of the authority to holders of its obligations
and providing the rights and remedies of the holders in the event of
a default.
9. Mortgaging a project and the project site or other property
for the purpose of securing the obligation holders.
10. Other matters relating to the obligations which the authority
deems desirable. Section History: Recent Form
85 Acts, ch 210, §13