Bonds; authorized provisions

Sec. 10. Any resolution authorizing the issuance of bonds or trust agreement or indenture pursuant to which the bonds are issued may contain provisions, which shall be a part of the contract or contracts with the holders of the bonds, as to the following:

(1) Pledging all or any part of the revenue of the authority to secure the payment of the bonds, subject to agreements with bondholders as may then exist.

(2) Pledging all or any part of the assets of the authority, including loans and obligations securing the loans and obligations, to secure the payment of the bonds, subject to agreements with bondholders as may then exist.

(3) The use and disposition of the gross income from loans owned by the authority and payment of the principal of loans owned by the authority.

(4) The setting aside of reserves or sinking funds and the regulation and disposition of these reserves or sinking funds.

(5) Limitations on the purposes to which or the investments in 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 must consent to, 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 trustee property, rights, powers, and trust as the authority may determine, and limiting or abrogating the right of the bondholders to appoint a trustee or limiting the rights, powers, and duties of the trustee.

(10) Defining the acts or omissions that 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 a default, including as a matter of right the appointment of a receiver. However, the rights and remedies shall not be inconsistent with the general laws of this state and this article.

(11) The rentals, fees, and other amounts to be charged, and the amounts to be raised in each year and the use, investment, and disposition of these amounts.

(12) Any other matter, of like or different character, which in any way affects the security or protection of the holders of the bonds.

As added by P.L.189-2018, SEC.25.