35-822. Security for bonds
The principal and interest of any bonds issued by the corporation may be secured by
a pledge of the revenues and receipts of the corporation out of which the principal and
interest are to be made payable, by a mortgage covering all or any part of the properties
of the corporation or corporations from which the revenues or receipts so pledged may be
derived or a mortgage covering any properties of a borrower or lessee, including any
enlargements and additions to any such properties, or by such other security as may be
prescribed in the proceedings of the board of directors authorizing the issuance of the
bonds. The proceedings under which bonds are authorized to be issued and any mortgage
may contain any agreements and provisions respecting the maintenance of the properties
covered thereby, the fixing and collection of rents for any portions thereof leased by
the corporation to others, the creation and maintenance of special funds from such
revenues and the rights and remedies available in the event of default and such other
provisions as are not inconsistent with the provisions of this chapter, all as the board
of directors shall deem advisable and not in conflict with the provisions of this
article. Each pledge, lease, loan agreement or mortgage made to secure any of the bonds
of the corporation shall continue to be effective until the principal and interest of the
bonds so secured have been fully paid or adequate provisions for such payment have been
made. A default in any agreement of the corporation made as a part of the contract under
which the bonds were issued, whether contained in the proceedings authorizing the bonds
or in any mortgage executed as security therefor, may be enforced by suit, by the
appointment of a receiver, by the foreclosure of any mortgage, or any one or more of the
remedies specified in the proceedings authorizing the issuance of such bonds.
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