17-2353.Same; bond provisions; trust indentures; mortgages.
In connection with the issuance of bonds pursuant to this act or the
incurring of obligations under leases made pursuant to this act and in
order to secure the payment of the bonds or obligations, a municipality, in
addition to its other powers, shall have power to:
(a) Pledge all or any part of the gross or net rents, fees or revenues
of a housing project, financed with the proceeds of such bonds, to which
its rights then exist or may thereafter come into existence.
(b) Mortgage all or part of its real or personal property, then owned or
thereafter acquired or held pursuant to this act.
(c) Covenant against pledging all or any part of the rents, fees and
revenues or against mortgaging all or any part of its real or personal
property, acquired or held pursuant to this act, to which its right or
title then exists or may thereafter come into existence or against
permitting or suffering any lien on such revenues or property; covenant
with respect to limitations on the right to sell, lease or otherwise
dispose of any housing project or any part thereof; and covenant as to what
other, or additional debts or obligations may be incurred by it.
(d) Covenant as to the bonds to be issued and as to the issuance of such
bonds in escrow or otherwise, and as to the use and disposition of the
proceeds thereof; provide for the replacement of lost, destroyed or
mutilated bonds; covenant against extending the time for the payment of its
bonds or interest thereon; and covenant for the redemption of the bonds and
to provide the terms and conditions thereof.
(e) Covenant (subject to the limitations contained in this act) as to
the rents and fees to be charged in the operation of a housing project or
projects, the amount to be raised each year or other period of time by
rents, fees and other revenues, and the use and disposition to be made
thereof; create or authorize the creation of special funds for moneys held
for construction or operating costs, debt service, reserves, or other
purposes, and covenant as to the use and disposition of the moneys held in
such funds.
(f) Prescribe the procedure, if any, by which the terms of any contract
with bond holders may be amended or abrogated, the proportion of
outstanding bonds the holders of which must consent to such action, and the
manner in which such consent may be given.
(g) Covenant as to the use, maintenance and replacement of any or all of
its real or personal property acquired pursuant to this act, the insurance
to be carried thereon and the use and disposition of insurance moneys.
(h) Covenant as to the rights, liabilities, powers and duties arising
upon the breach by it of any covenant, condition, or obligation; and
covenant as to events of default and terms and conditions upon which any or
all of its bonds or obligations shall become or may be declared due before
maturity, and as to the terms and conditions upon which such declaration
and its consequences may be waived.
(i) Vest in any obligees of any specified proportion of them the right
to enforce the payment of the bonds or any covenants securing or relating
to the bonds; vest in an obligee or obligees the right, in the event of a
default by the municipality, to take possession of and use, operate and
manage any housing project or any part thereof or any funds connected
therewith, and to collect the rents and revenues arising therefrom and to
dispose of such moneys in accordance with the agreement between the
municipality and such obligees; provide for the powers and duties of such
obligees and limit the liabilities thereof; and provide the terms and
conditions upon which such obligees may enforce any covenant or rights
securing or relating to the bonds.
(j) Exercise all or any part or combination of the powers herein
granted; make such covenants (other than and in addition to the covenants
herein expressly authorized) and do any and all such acts and things as may
be necessary or convenient or desirable in order to secure its bonds, or,
in the absolute discretion of said municipality, as will tend to make the
bonds more marketable notwithstanding that such covenants, acts or things
may not be enumerated herein.
This act, without reference to other statutes of the state, shall
constitute full authority for the authorization and issuance of bonds
hereunder. No other act or law with regard to the authorization or issuance
of obligations that requires a bond election or in any way impedes or
restricts the carrying out of the acts herein authorized to be done shall
be construed as applying to any proceedings taken hereunder or acts done
pursuant hereto.
History: L. 1957, ch. 132, § 17; L. 1973, ch. 96,
§ 13; July 1.
17-2353.Same; bond provisions; trust indentures; mortgages.
In connection with the issuance of bonds pursuant to this act or the
incurring of obligations under leases made pursuant to this act and in
order to secure the payment of the bonds or obligations, a municipality, in
addition to its other powers, shall have power to:
(a) Pledge all or any part of the gross or net rents, fees or revenues
of a housing project, financed with the proceeds of such bonds, to which
its rights then exist or may thereafter come into existence.
(b) Mortgage all or part of its real or personal property, then owned or
thereafter acquired or held pursuant to this act.
(c) Covenant against pledging all or any part of the rents, fees and
revenues or against mortgaging all or any part of its real or personal
property, acquired or held pursuant to this act, to which its right or
title then exists or may thereafter come into existence or against
permitting or suffering any lien on such revenues or property; covenant
with respect to limitations on the right to sell, lease or otherwise
dispose of any housing project or any part thereof; and covenant as to what
other, or additional debts or obligations may be incurred by it.
(d) Covenant as to the bonds to be issued and as to the issuance of such
bonds in escrow or otherwise, and as to the use and disposition of the
proceeds thereof; provide for the replacement of lost, destroyed or
mutilated bonds; covenant against extending the time for the payment of its
bonds or interest thereon; and covenant for the redemption of the bonds and
to provide the terms and conditions thereof.
(e) Covenant (subject to the limitations contained in this act) as to
the rents and fees to be charged in the operation of a housing project or
projects, the amount to be raised each year or other period of time by
rents, fees and other revenues, and the use and disposition to be made
thereof; create or authorize the creation of special funds for moneys held
for construction or operating costs, debt service, reserves, or other
purposes, and covenant as to the use and disposition of the moneys held in
such funds.
(f) Prescribe the procedure, if any, by which the terms of any contract
with bond holders may be amended or abrogated, the proportion of
outstanding bonds the holders of which must consent to such action, and the
manner in which such consent may be given.
(g) Covenant as to the use, maintenance and replacement of any or all of
its real or personal property acquired pursuant to this act, the insurance
to be carried thereon and the use and disposition of insurance moneys.
(h) Covenant as to the rights, liabilities, powers and duties arising
upon the breach by it of any covenant, condition, or obligation; and
covenant as to events of default and terms and conditions upon which any or
all of its bonds or obligations shall become or may be declared due before
maturity, and as to the terms and conditions upon which such declaration
and its consequences may be waived.
(i) Vest in any obligees of any specified proportion of them the right
to enforce the payment of the bonds or any covenants securing or relating
to the bonds; vest in an obligee or obligees the right, in the event of a
default by the municipality, to take possession of and use, operate and
manage any housing project or any part thereof or any funds connected
therewith, and to collect the rents and revenues arising therefrom and to
dispose of such moneys in accordance with the agreement between the
municipality and such obligees; provide for the powers and duties of such
obligees and limit the liabilities thereof; and provide the terms and
conditions upon which such obligees may enforce any covenant or rights
securing or relating to the bonds.
(j) Exercise all or any part or combination of the powers herein
granted; make such covenants (other than and in addition to the covenants
herein expressly authorized) and do any and all such acts and things as may
be necessary or convenient or desirable in order to secure its bonds, or,
in the absolute discretion of said municipality, as will tend to make the
bonds more marketable notwithstanding that such covenants, acts or things
may not be enumerated herein.
This act, without reference to other statutes of the state, shall
constitute full authority for the authorization and issuance of bonds
hereunder. No other act or law with regard to the authorization or issuance
of obligations that requires a bond election or in any way impedes or
restricts the carrying out of the acts herein authorized to be done shall
be construed as applying to any proceedings taken hereunder or acts done
pursuant hereto.
History: L. 1957, ch. 132, § 17; L. 1973, ch. 96,
§ 13; July 1.
17-2353.Same; bond provisions; trust indentures; mortgages.
In connection with the issuance of bonds pursuant to this act or the
incurring of obligations under leases made pursuant to this act and in
order to secure the payment of the bonds or obligations, a municipality, in
addition to its other powers, shall have power to:
(a) Pledge all or any part of the gross or net rents, fees or revenues
of a housing project, financed with the proceeds of such bonds, to which
its rights then exist or may thereafter come into existence.
(b) Mortgage all or part of its real or personal property, then owned or
thereafter acquired or held pursuant to this act.
(c) Covenant against pledging all or any part of the rents, fees and
revenues or against mortgaging all or any part of its real or personal
property, acquired or held pursuant to this act, to which its right or
title then exists or may thereafter come into existence or against
permitting or suffering any lien on such revenues or property; covenant
with respect to limitations on the right to sell, lease or otherwise
dispose of any housing project or any part thereof; and covenant as to what
other, or additional debts or obligations may be incurred by it.
(d) Covenant as to the bonds to be issued and as to the issuance of such
bonds in escrow or otherwise, and as to the use and disposition of the
proceeds thereof; provide for the replacement of lost, destroyed or
mutilated bonds; covenant against extending the time for the payment of its
bonds or interest thereon; and covenant for the redemption of the bonds and
to provide the terms and conditions thereof.
(e) Covenant (subject to the limitations contained in this act) as to
the rents and fees to be charged in the operation of a housing project or
projects, the amount to be raised each year or other period of time by
rents, fees and other revenues, and the use and disposition to be made
thereof; create or authorize the creation of special funds for moneys held
for construction or operating costs, debt service, reserves, or other
purposes, and covenant as to the use and disposition of the moneys held in
such funds.
(f) Prescribe the procedure, if any, by which the terms of any contract
with bond holders may be amended or abrogated, the proportion of
outstanding bonds the holders of which must consent to such action, and the
manner in which such consent may be given.
(g) Covenant as to the use, maintenance and replacement of any or all of
its real or personal property acquired pursuant to this act, the insurance
to be carried thereon and the use and disposition of insurance moneys.
(h) Covenant as to the rights, liabilities, powers and duties arising
upon the breach by it of any covenant, condition, or obligation; and
covenant as to events of default and terms and conditions upon which any or
all of its bonds or obligations shall become or may be declared due before
maturity, and as to the terms and conditions upon which such declaration
and its consequences may be waived.
(i) Vest in any obligees of any specified proportion of them the right
to enforce the payment of the bonds or any covenants securing or relating
to the bonds; vest in an obligee or obligees the right, in the event of a
default by the municipality, to take possession of and use, operate and
manage any housing project or any part thereof or any funds connected
therewith, and to collect the rents and revenues arising therefrom and to
dispose of such moneys in accordance with the agreement between the
municipality and such obligees; provide for the powers and duties of such
obligees and limit the liabilities thereof; and provide the terms and
conditions upon which such obligees may enforce any covenant or rights
securing or relating to the bonds.
(j) Exercise all or any part or combination of the powers herein
granted; make such covenants (other than and in addition to the covenants
herein expressly authorized) and do any and all such acts and things as may
be necessary or convenient or desirable in order to secure its bonds, or,
in the absolute discretion of said municipality, as will tend to make the
bonds more marketable notwithstanding that such covenants, acts or things
may not be enumerated herein.
This act, without reference to other statutes of the state, shall
constitute full authority for the authorization and issuance of bonds
hereunder. No other act or law with regard to the authorization or issuance
of obligations that requires a bond election or in any way impedes or
restricts the carrying out of the acts herein authorized to be done shall
be construed as applying to any proceedings taken hereunder or acts done
pursuant hereto.
History: L. 1957, ch. 132, § 17; L. 1973, ch. 96,
§ 13; July 1.