12-8,103.Revenue bonds and notes; authorized terms of security
agreement.
The resolution, trust indenture or other security agreement under which
any bonds or notes are issued shall constitute a contract with the
holders of the bonds or notes, and may contain provisions, among other,
prescribing:
(a) The terms and provisions of the bonds or notes;
(b) the mortgage or pledge of and the grant of a security interest
in any real or personal property and all or any part of the revenue from
any project or any revenue producing contract made by the municipal
energy agency with any person to secure the payment of bonds or notes,
subject to any agreements with the holders of bonds or notes which might
then exist;
(c) the custody, collection, securing, investment and payment of any
revenues, assets, money, funds or property with respect to which the
municipal energy agency may have any rights or interest;
(d) the creation of reserves or sinking funds and the regulation and
disposition thereof;
(e) the purposes to which the proceeds from the sale of any bonds or
notes then or thereafter to be issued may be applied, and the pledge of
the proceeds to secure the payment of the bonds or notes;
(f) limitations on the issuance of any additional bonds or notes,
the terms upon which additional bonds or notes may be issued and
secured, and the refunding of outstanding bonds or notes;
(g) the rank or priority of any bonds or notes with respect to any
lien or security;
(h) the creation of special funds or moneys to be held in trust or
otherwise for payment or redemption of bonds or notes, reserves or other
purposes, and the use and disposition of moneys held in these funds;
(i) the procedure by which the terms of any contract with or for the
benefit of the holders of bonds or notes may be amended or abrogated,
the amount of bonds or notes the holders of which must consent thereto,
and the manner in which consent may be given;
(j) the definition of the acts or omissions to act which shall
constitute a default in the duties of the municipal energy agency to
holders of its bonds or notes, and the rights and remedies of the
holders in the event of default including, if the municipal energy
agency so determines, the right to accelerate the due date of the bonds
or notes or the right to appoint a receiver or receivers of the property
or revenues subject to the lien of the resolution, trust indenture or
other security agreement;
(k) any other or additional agreements with or for the benefit of
the holders of bonds or notes or any covenants or restrictions necessary
or desirable to safeguard the interests of the holders;
(l) the custody of any of its properties or investments, the
safekeeping thereof, the insurance to be carried thereon and the use and
disposition of insurance proceeds;
(m) the vesting in a trustee or trustees, within or outside the
state, of such properties, rights, powers and duties in trust as the
municipal energy agency may determine; or the limiting or abrogating of
the rights of the holders of any bonds or notes to appoint a trustee, or
the limiting of the rights, powers and duties of such trustee; or
(n) the appointment of and the establishment of the duties and
obligations of any paying agent or other fiduciary within or outside the
state.
12-8,103.Revenue bonds and notes; authorized terms of security
agreement.
The resolution, trust indenture or other security agreement under which
any bonds or notes are issued shall constitute a contract with the
holders of the bonds or notes, and may contain provisions, among other,
prescribing:
(a) The terms and provisions of the bonds or notes;
(b) the mortgage or pledge of and the grant of a security interest
in any real or personal property and all or any part of the revenue from
any project or any revenue producing contract made by the municipal
energy agency with any person to secure the payment of bonds or notes,
subject to any agreements with the holders of bonds or notes which might
then exist;
(c) the custody, collection, securing, investment and payment of any
revenues, assets, money, funds or property with respect to which the
municipal energy agency may have any rights or interest;
(d) the creation of reserves or sinking funds and the regulation and
disposition thereof;
(e) the purposes to which the proceeds from the sale of any bonds or
notes then or thereafter to be issued may be applied, and the pledge of
the proceeds to secure the payment of the bonds or notes;
(f) limitations on the issuance of any additional bonds or notes,
the terms upon which additional bonds or notes may be issued and
secured, and the refunding of outstanding bonds or notes;
(g) the rank or priority of any bonds or notes with respect to any
lien or security;
(h) the creation of special funds or moneys to be held in trust or
otherwise for payment or redemption of bonds or notes, reserves or other
purposes, and the use and disposition of moneys held in these funds;
(i) the procedure by which the terms of any contract with or for the
benefit of the holders of bonds or notes may be amended or abrogated,
the amount of bonds or notes the holders of which must consent thereto,
and the manner in which consent may be given;
(j) the definition of the acts or omissions to act which shall
constitute a default in the duties of the municipal energy agency to
holders of its bonds or notes, and the rights and remedies of the
holders in the event of default including, if the municipal energy
agency so determines, the right to accelerate the due date of the bonds
or notes or the right to appoint a receiver or receivers of the property
or revenues subject to the lien of the resolution, trust indenture or
other security agreement;
(k) any other or additional agreements with or for the benefit of
the holders of bonds or notes or any covenants or restrictions necessary
or desirable to safeguard the interests of the holders;
(l) the custody of any of its properties or investments, the
safekeeping thereof, the insurance to be carried thereon and the use and
disposition of insurance proceeds;
(m) the vesting in a trustee or trustees, within or outside the
state, of such properties, rights, powers and duties in trust as the
municipal energy agency may determine; or the limiting or abrogating of
the rights of the holders of any bonds or notes to appoint a trustee, or
the limiting of the rights, powers and duties of such trustee; or
(n) the appointment of and the establishment of the duties and
obligations of any paying agent or other fiduciary within or outside the
state.
12-8,103.Revenue bonds and notes; authorized terms of security
agreement.
The resolution, trust indenture or other security agreement under which
any bonds or notes are issued shall constitute a contract with the
holders of the bonds or notes, and may contain provisions, among other,
prescribing:
(a) The terms and provisions of the bonds or notes;
(b) the mortgage or pledge of and the grant of a security interest
in any real or personal property and all or any part of the revenue from
any project or any revenue producing contract made by the municipal
energy agency with any person to secure the payment of bonds or notes,
subject to any agreements with the holders of bonds or notes which might
then exist;
(c) the custody, collection, securing, investment and payment of any
revenues, assets, money, funds or property with respect to which the
municipal energy agency may have any rights or interest;
(d) the creation of reserves or sinking funds and the regulation and
disposition thereof;
(e) the purposes to which the proceeds from the sale of any bonds or
notes then or thereafter to be issued may be applied, and the pledge of
the proceeds to secure the payment of the bonds or notes;
(f) limitations on the issuance of any additional bonds or notes,
the terms upon which additional bonds or notes may be issued and
secured, and the refunding of outstanding bonds or notes;
(g) the rank or priority of any bonds or notes with respect to any
lien or security;
(h) the creation of special funds or moneys to be held in trust or
otherwise for payment or redemption of bonds or notes, reserves or other
purposes, and the use and disposition of moneys held in these funds;
(i) the procedure by which the terms of any contract with or for the
benefit of the holders of bonds or notes may be amended or abrogated,
the amount of bonds or notes the holders of which must consent thereto,
and the manner in which consent may be given;
(j) the definition of the acts or omissions to act which shall
constitute a default in the duties of the municipal energy agency to
holders of its bonds or notes, and the rights and remedies of the
holders in the event of default including, if the municipal energy
agency so determines, the right to accelerate the due date of the bonds
or notes or the right to appoint a receiver or receivers of the property
or revenues subject to the lien of the resolution, trust indenture or
other security agreement;
(k) any other or additional agreements with or for the benefit of
the holders of bonds or notes or any covenants or restrictions necessary
or desirable to safeguard the interests of the holders;
(l) the custody of any of its properties or investments, the
safekeeping thereof, the insurance to be carried thereon and the use and
disposition of insurance proceeds;
(m) the vesting in a trustee or trustees, within or outside the
state, of such properties, rights, powers and duties in trust as the
municipal energy agency may determine; or the limiting or abrogating of
the rights of the holders of any bonds or notes to appoint a trustee, or
the limiting of the rights, powers and duties of such trustee; or
(n) the appointment of and the establishment of the duties and
obligations of any paying agent or other fiduciary within or outside the
state.