The proceedings under which the revenue bonds are authorized to be issued and any mortgage or trust indenture given to secure the bonds may contain any provisions customarily contained in instruments securing bonds and constituting a covenant with the bondholders, including:

A. provisions respecting custody of the proceeds from the sale of the bonds, including their investment and reinvestment until used to defray the cost of the project;

B. provisions respecting the fixing and collection of revenues from the project;

C. the terms to be incorporated in the financing agreement and any mortgage or trust indenture for the project, including without limitation provision for subleasing;

D. the maintenance and insurance of the project;

E. the creation of funds and accounts into which any bond proceeds, revenues and income may be deposited or credited;

F. limitation on the purpose to which the proceeds of any bonds then or thereafter to be issued may be applied;

G. limitation on the issuance of additional bonds, the terms upon which additional bonds are issued and secured, the refunding of bonds and the replacement of bonds;

H. the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated;

I. vesting in a trustee properties, rights, powers and duties in trust as the local government determines and limiting the rights, duties and powers of the trustees; and

J. the rights and remedies available in case of a default to the bondholders or to any trustee under the financing agreement, a mortgage or a trust indenture for the project.

History: Laws 1979, ch. 391, § 34; 2018, ch. 60, § 32.

The 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, and made technical changes; deleted subsection designation "A." and redesignated former Paragraphs A(1) through A(10) as Subsections A through J, respectively; and in Subsection I, after "duties in trust as the", deleted "municipality" and added "local government".