§ 23-19-16 Security for bonds or notes.– (a) The principal of and interest on any bonds or notes issued by thecorporation may be secured by a pledge of any revenues and receipts of thecorporation, and may be secured by a mortgage or other instrument covering allor any part of one or more projects, including all or part of any additions,improvements, extensions to, or enlargements of the projects thereafter made.
(b) Bonds or notes issued for the acquisition, construction,reconstruction, rehabilitation, development, or improvement of one or moreprojects may also be secured by an assignment of leases of, or mortgages on, orcontracts of sale or other contracts or loan agreements with regard to theproject or projects, and by an assignment of the revenues, receipts, payments,or repayments derived by the corporation from the leases, mortgages, salesagreements, contracts, or loan agreements.
(c) The resolution under which the bonds or notes areauthorized to be issued and any mortgage, lease, sales agreement, contract, orloan agreement, or other instrument may contain agreements and provisionsrespecting the maintenance of the covered projects, the fixing and collectionof rents, payments, or repayments or other revenues, including moneys receivedin repayment of loans, and interest, the creation and maintenance of specialfunds from rents or other revenues, and the rights and remedies available inthe event of default, all as the corporation shall deem advisable.
(d) Each pledge, agreement, mortgage, contract, or otherinstrument made for the benefits or security of any of the bonds or notes ofthe corporation shall continue in effect until the principal of and interest onthe bonds or notes for the benefit of which the instrument was made shall havebeen fully paid, or until provision shall have been made for the payment in themanner provided in the resolutions under which the bonds or notes wereauthorized.
(e) The corporation may provide in any proceedings underwhich the bonds or notes may be authorized that any project or part of anyproject may be constructed, reconstructed, rehabilitated, or improved by thecorporation or any lessee, vendee, obligor, or any designee of the corporation,and may also provide in the proceedings for the time and manner of andrequisitions for disbursements to be made for the cost of the construction, andfor all certificates and approvals of construction and disbursements that thecorporation shall deem necessary and provide for in the proceedings.
(f) Any resolution under which bonds or notes of thecorporation are authorized to be issued (and any trust indenture establishedthereby) may contain provisions for vesting in a trustee or trusteesproperties, rights, powers, and duties in trust that the corporation maydetermine, including any or all of the rights, powers, and duties of thetrustee appointed by the holders of any issue of bonds or notes pursuant to§ 23-19-19, in which event the provisions of § 23-19-19 authorizingthe appointment of a trustee by the holders of bonds or notes shall not apply.
(g) Any pledge made by the corporation shall be valid andbinding from the time it is made. The money or property pledged and thereafterreceived by the corporation shall immediately be subject to the lien of thepledge without physical delivery or further act. The lien of the pledge shallbe valid and binding against all parties having a claim in tort, contract, orotherwise against the corporation, irrespective of whether the parties havenotice of the claim. Neither the resolution nor any instrument by which apledge is created need be recorded.
§ 23-19-16 Security for bonds or notes.– (a) The principal of and interest on any bonds or notes issued by thecorporation may be secured by a pledge of any revenues and receipts of thecorporation, and may be secured by a mortgage or other instrument covering allor any part of one or more projects, including all or part of any additions,improvements, extensions to, or enlargements of the projects thereafter made.
(b) Bonds or notes issued for the acquisition, construction,reconstruction, rehabilitation, development, or improvement of one or moreprojects may also be secured by an assignment of leases of, or mortgages on, orcontracts of sale or other contracts or loan agreements with regard to theproject or projects, and by an assignment of the revenues, receipts, payments,or repayments derived by the corporation from the leases, mortgages, salesagreements, contracts, or loan agreements.
(c) The resolution under which the bonds or notes areauthorized to be issued and any mortgage, lease, sales agreement, contract, orloan agreement, or other instrument may contain agreements and provisionsrespecting the maintenance of the covered projects, the fixing and collectionof rents, payments, or repayments or other revenues, including moneys receivedin repayment of loans, and interest, the creation and maintenance of specialfunds from rents or other revenues, and the rights and remedies available inthe event of default, all as the corporation shall deem advisable.
(d) Each pledge, agreement, mortgage, contract, or otherinstrument made for the benefits or security of any of the bonds or notes ofthe corporation shall continue in effect until the principal of and interest onthe bonds or notes for the benefit of which the instrument was made shall havebeen fully paid, or until provision shall have been made for the payment in themanner provided in the resolutions under which the bonds or notes wereauthorized.
(e) The corporation may provide in any proceedings underwhich the bonds or notes may be authorized that any project or part of anyproject may be constructed, reconstructed, rehabilitated, or improved by thecorporation or any lessee, vendee, obligor, or any designee of the corporation,and may also provide in the proceedings for the time and manner of andrequisitions for disbursements to be made for the cost of the construction, andfor all certificates and approvals of construction and disbursements that thecorporation shall deem necessary and provide for in the proceedings.
(f) Any resolution under which bonds or notes of thecorporation are authorized to be issued (and any trust indenture establishedthereby) may contain provisions for vesting in a trustee or trusteesproperties, rights, powers, and duties in trust that the corporation maydetermine, including any or all of the rights, powers, and duties of thetrustee appointed by the holders of any issue of bonds or notes pursuant to§ 23-19-19, in which event the provisions of § 23-19-19 authorizingthe appointment of a trustee by the holders of bonds or notes shall not apply.
(g) Any pledge made by the corporation shall be valid andbinding from the time it is made. The money or property pledged and thereafterreceived by the corporation shall immediately be subject to the lien of thepledge without physical delivery or further act. The lien of the pledge shallbe valid and binding against all parties having a claim in tort, contract, orotherwise against the corporation, irrespective of whether the parties havenotice of the claim. Neither the resolution nor any instrument by which apledge is created need be recorded.
§ 23-19-16 Security for bonds or notes.– (a) The principal of and interest on any bonds or notes issued by thecorporation may be secured by a pledge of any revenues and receipts of thecorporation, and may be secured by a mortgage or other instrument covering allor any part of one or more projects, including all or part of any additions,improvements, extensions to, or enlargements of the projects thereafter made.
(b) Bonds or notes issued for the acquisition, construction,reconstruction, rehabilitation, development, or improvement of one or moreprojects may also be secured by an assignment of leases of, or mortgages on, orcontracts of sale or other contracts or loan agreements with regard to theproject or projects, and by an assignment of the revenues, receipts, payments,or repayments derived by the corporation from the leases, mortgages, salesagreements, contracts, or loan agreements.
(c) The resolution under which the bonds or notes areauthorized to be issued and any mortgage, lease, sales agreement, contract, orloan agreement, or other instrument may contain agreements and provisionsrespecting the maintenance of the covered projects, the fixing and collectionof rents, payments, or repayments or other revenues, including moneys receivedin repayment of loans, and interest, the creation and maintenance of specialfunds from rents or other revenues, and the rights and remedies available inthe event of default, all as the corporation shall deem advisable.
(d) Each pledge, agreement, mortgage, contract, or otherinstrument made for the benefits or security of any of the bonds or notes ofthe corporation shall continue in effect until the principal of and interest onthe bonds or notes for the benefit of which the instrument was made shall havebeen fully paid, or until provision shall have been made for the payment in themanner provided in the resolutions under which the bonds or notes wereauthorized.
(e) The corporation may provide in any proceedings underwhich the bonds or notes may be authorized that any project or part of anyproject may be constructed, reconstructed, rehabilitated, or improved by thecorporation or any lessee, vendee, obligor, or any designee of the corporation,and may also provide in the proceedings for the time and manner of andrequisitions for disbursements to be made for the cost of the construction, andfor all certificates and approvals of construction and disbursements that thecorporation shall deem necessary and provide for in the proceedings.
(f) Any resolution under which bonds or notes of thecorporation are authorized to be issued (and any trust indenture establishedthereby) may contain provisions for vesting in a trustee or trusteesproperties, rights, powers, and duties in trust that the corporation maydetermine, including any or all of the rights, powers, and duties of thetrustee appointed by the holders of any issue of bonds or notes pursuant to§ 23-19-19, in which event the provisions of § 23-19-19 authorizingthe appointment of a trustee by the holders of bonds or notes shall not apply.
(g) Any pledge made by the corporation shall be valid andbinding from the time it is made. The money or property pledged and thereafterreceived by the corporation shall immediately be subject to the lien of thepledge without physical delivery or further act. The lien of the pledge shallbe valid and binding against all parties having a claim in tort, contract, orotherwise against the corporation, irrespective of whether the parties havenotice of the claim. Neither the resolution nor any instrument by which apledge is created need be recorded.
