§ 46-25-59 - Security for revenue bonds or revenue notes.
SECTION 46-25-59
§ 46-25-59 Security for revenue bonds orrevenue notes. – (a) The principal of and interest on any revenue bonds or revenue notes issuedby the commission, may be secured by a pledge of any revenues and receipts ofthe commission, and may be secured by a mortgage or other instrument coveringall or any part of one or more sewage treatment facilities, including all orpart of any additions, improvements, extensions to language, or enlargements ofsuch facilities thereafter made.
(b) The resolution under which the revenue bonds or revenuenotes are authorized to be issued and any such mortgage, lease, salesagreement, or loan agreement, or other instrument may contain agreements andprovisions respecting the maintenance of the facilities covered thereby, thefixing and collection of rents, payments or repayments, or other revenues,therefrom, including moneys received in repayment of loans, and interestthereon, the creation and maintenance of special funds from such rents or otherrevenues, and the rights and remedies available in the event of default, all asthe commission shall deem advisable.
(c) Each pledge, agreement, mortgage, or other instrumentmade for the benefit or security of any of the revenue bonds or revenue notesof the commission shall continue in effect until the principal of and intereston the revenue bonds or revenue notes for the benefit of which the same wasmade shall have been fully paid, or until provision shall have been made forthe payment in the manner provided in the resolutions under which the revenuebonds or revenue notes were authorized.
(d) The commission may provide, in any proceedings underwhich revenue bonds or revenue notes may be authorized, that any sewagetreatment facility or part thereof may be constructed, reconstructed,rehabilitated, or improved by the commission, or any lessee, vendee, obligor,or any designee of the commission, and may also provide in proceedings for thetime and manner of and requisitions for disbursements to be made for the costof such construction, and for all such certificates and approvals ofconstruction and disbursements as the commission shall deem necessary andprovide for in proceedings.
(e) Any resolution under which revenue bonds or revenue notesof the commission are authorized to be issued (and any trust indentureestablished thereby) may contain provisions for vesting in a trustee ortrustees such properties, rights, powers, and duties in trust as the commissionmay determine, including any or all of the rights, powers, and duties of thetrustee appointed by the holders of any issue of revenue bonds or revenue notespursuant to § 46-25-65, in which event the provisions of § 46-25-65authorizing the appointment of a trustee by holders of revenue bonds or revenuenotes shall not apply.