9-4-620 - Bonds and other obligations -- Additional powers of authority.
9-4-620. Bonds and other obligations -- Additional powers of authority.
In connection with the issuance of bonds or the incurring of obligations under leases andin order to secure the payment of bonds or obligations, an authority, in addition to its otherpowers, may:
(1) pledge all or any part of its gross or net rents, fees, or revenues to which its right thenexists or thereafter accrue;
(2) mortgage all or any part of its real or personal property owned or thereafter acquired;
(3) covenant against pledging all or any part of its rents, fees, and revenues, or againstmortgaging all or any part of its real or personal property to which its right or title then exists orthereafter accrues, or against permitting or suffering any lien on such revenues or property;
(4) covenant with respect to limitations on its right to sell, lease, or otherwise dispose ofany housing project and covenant as to what other, or additional debts or obligations may beincurred by it;
(5) covenant as to bonds to be issued and as to the issuance of bonds in escrow orotherwise, and as to the use and disposition of the bond proceeds;
(6) provide for the replacement of lost, destroyed, or mutilated bonds;
(7) covenant against extending the time for the payment of its bonds or interest on them;
(8) covenant for the redemption of the bonds and provide the terms and conditions forthem;
(9) covenant, subject to the limitations contained in this part as to the rents and fees to becharged in the operation of a housing project or projects, the amount to be raised each year orother period of time by rents, fees, and other revenues, and as to the use and disposition to bemade thereof;
(10) create or authorize the creation of special funds for money held for construction oroperating costs, debt service, reserves, or other purposes, and covenant as to the use anddisposition of the money held in such funds;
(11) prescribe the procedure, of any, by which the terms of any contract withbondholders may be amended or abrogated, the proportion of outstanding bonds which mustconsent to the action, and the manner in which consent shall be given;
(12) covenant as to the use, maintenance, and replacement of any or all of its real orpersonal property and the insurance to be carried on it and the use and disposition of insurancemoney;
(13) covenant as to the rights, liabilities, powers, and duties arising upon breach by it ofany covenant, condition, or obligation;
(14) covenant and prescribe as to events of default and terms and conditions upon whichany or all of its bonds or obligations shall become or may be declared due before maturity, and asto the terms and conditions upon which such declaration and its consequences may be waived;
(15) vest in any obligee of the authority or any specified proportion of them the right toenforce the payment of bonds or any covenants securing or relating to the bonds;
(16) vest in an obligee with the right after default by the authority to take possession ofand use, operate, and manage any project or any part of it or any funds connected with them, andcollect the rents and revenues arising from them and dispose of them in accordance with theagreement with the authority;
(17) provide the powers and duties of an obligee and limit his liabilities;
(18) provide the terms and conditions upon which such obligees may enforce any
covenant or rights securing or relating to the bonds;
(19) exercise all or any part or combination of the powers granted and make anycovenants, other than and in addition to the covenants expressly authorized in this section;
(20) do any acts necessary, convenient, or desirable to secure its bonds; and
(21) make any covenants or do any acts calculated to make the bonds more marketable.
Renumbered and Amended by Chapter 241, 1992 General Session