§10-27  Covenants in resolution authorizingrevenue bonds.  Any resolution or resolutions authorizing the issuance ofrevenue bonds under this part may contain covenants as to:

(1)  The purpose or purposes to which the proceeds ofthe sale of revenue bonds may be applied; the use and disposition of suchproceeds; the investment thereof pending such use and disposition; and the useand disposition of the income from such investment;

(2)  The use and disposition of the revenue of theoffice project or projects for the construction or maintenance of which therevenue bonds are issued are to be included; the use and disposition of therevenue of all office projects, and of the revenues of the office, includingthe creation and maintenance of reserves; the investment of such revenues andof the moneys in such reserves; and the use and disposition of the income fromsuch investments;

(3)  The minimum amount of revenues to be produced bythe office projects or the office, over and above the amount required to be producedby the first sentence and paragraphs (1) to (3) of section 10‑31;

(4)  The use and disposition of the proceeds of thesale of any office project, or part thereof;

(5)  The construction and maintenance of any officeproject other than the office project or projects for the construction ormaintenance of which revenue bonds are issued;

(6)  The issuance of other or additional revenue bondspayable either from the revenue of the office project or projects for theconstruction or maintenance of which the revenue bonds are issued or therevenue of the office or payable from the revenue of other office projects;

(7)  The maintenance of the office project, includingthe creation by the board of such supervisory positions, which shall not besubject to chapter 76, as are necessary to facilitate the issuance of revenuebonds by ensuring the adequacy of revenues;

(8)  The insurance to be carried on office projectsand the use and disposition of insurance moneys;

(9)  Books of account and inspection and audit thereof;

(10)  A procedure by which the terms and conditions ofthe bond resolution or indenture may be subsequently amended or modified withthe consent of the board, the vote or written assent of the holders of bonds orany proportion of the holders, or any trustee thereof; and

(11)  The terms and conditions upon which the holdersof bonds evidencing the obligation to repay loans, or any proportion of theholders, or any trustee thereof, shall be entitled to the appointment of areceiver by any court of competent jurisdiction, which court shall havejurisdiction in such proceedings, and which receiver may enter and takepossession of the office project or projects, maintain them, prescribe rents,fees, and charges, and collect, receive, and apply all revenue thereafterarising therefrom in the same manner as the board itself might do, but thereceiver shall have no power, nor be granted any power, to utilize, or permitthe utilization of, any office project other than in a manner consistent withand in furtherance of the purposes of the office.

This part and any such resolution orresolutions shall be a contract with the holders of bonds issued under thispart, and the duties of the board and any such resolution or resolutions shallbe enforceable by any bondholder by mandamus or other appropriate suit, action,or proceeding in any court of competent jurisdiction. [L 1994, c 283, pt of§2(2); am L 2000, c 253, §150; am L 2008, c 16, §1]