§ 39-16-12 Covenants permissible in bondresolution. – Any resolution or resolutions authorizing any bonds or any issue of bonds maycontain provisions which shall be a part of the contract with the holders ofthe bonds thereby authorized, as to:
(1) Pledging all or any part of the money, earnings, income,and revenues derived from all or any part of the property of the authority tosecure the payment of any bonds or of any issue of bonds subject to suchagreements with bondholders as may then exist;
(2) The rates to be fixed and the charges to be collected andthe amounts to be raised in each year, and the use and disposition of theearnings and other revenues;
(3) The setting aside of reserves and the creation of sinkingfunds and the regulation and disposition thereof;
(4) Limitations on the right of the authority to restrict andregulate the use of the properties in connection with which the bonds areissued;
(5) Limitations on the purposes to which the proceeds of saleof any issue of bonds may be applied;
(6) Limitations on the issuance of additional bonds,including refunding bonds and the terms upon which additional bonds may beissued and secured;
(7) The procedure, if any, by which the terms of any contractwith bondholders may be amended or abrogated, the amount of bonds the holdersof which must consent thereto, and the manner in which consent may be given;
(8) The creation of special funds into which any earnings orrevenues of the authority may be deposited, and the investment of the funds;
(9) The appointment of a fiscal agent and the determinationof its powers and duties;
(10) Limitations on the power of the authority to sell orotherwise dispose of its properties;
(11) The preparation of annual budgets by the authority andthe employment of consulting engineers and auditors;
(12) The rights and remedies of bondholders in the event offailure on the part of the authority to perform any agreement;
(13) Covenanting that as long as any bonds are outstandingthe authority shall use its best efforts to establish and maintain its ratesand charges adequate at all times to pay and provide for all operating expensesof the authority, all payments of principal, redemption premium, if any, andinterest on bonds, notes or other evidences of indebtedness of or assumed bythe authority, all renewals, repairs, or replacements to the property of theauthority deemed necessary, and all other amounts which the authority may bylaw, resolution or contract be obligated to pay. On or before the last day ofthe authority's fiscal year, the authority shall review the adequacy of itsrates and charges to satisfy the above requirements for the next succeedingfiscal year. If the review indicates that the rates and charges are, or arelikely to be, insufficient to meet the requirements of this chapter, theauthority shall promptly take such steps as are permitted by law and as arenecessary to cure or avoid the deficiency, including but limited to, making anemergency request to the public utilities commission to raise its rates andcharges;
(14) Any other matters, of like or different character whichin any way affect the security or protection of the bonds.
§ 39-16-12 Covenants permissible in bondresolution. – Any resolution or resolutions authorizing any bonds or any issue of bonds maycontain provisions which shall be a part of the contract with the holders ofthe bonds thereby authorized, as to:
(1) Pledging all or any part of the money, earnings, income,and revenues derived from all or any part of the property of the authority tosecure the payment of any bonds or of any issue of bonds subject to suchagreements with bondholders as may then exist;
(2) The rates to be fixed and the charges to be collected andthe amounts to be raised in each year, and the use and disposition of theearnings and other revenues;
(3) The setting aside of reserves and the creation of sinkingfunds and the regulation and disposition thereof;
(4) Limitations on the right of the authority to restrict andregulate the use of the properties in connection with which the bonds areissued;
(5) Limitations on the purposes to which the proceeds of saleof any issue of bonds may be applied;
(6) Limitations on the issuance of additional bonds,including refunding bonds and the terms upon which additional bonds may beissued and secured;
(7) The procedure, if any, by which the terms of any contractwith bondholders may be amended or abrogated, the amount of bonds the holdersof which must consent thereto, and the manner in which consent may be given;
(8) The creation of special funds into which any earnings orrevenues of the authority may be deposited, and the investment of the funds;
(9) The appointment of a fiscal agent and the determinationof its powers and duties;
(10) Limitations on the power of the authority to sell orotherwise dispose of its properties;
(11) The preparation of annual budgets by the authority andthe employment of consulting engineers and auditors;
(12) The rights and remedies of bondholders in the event offailure on the part of the authority to perform any agreement;
(13) Covenanting that as long as any bonds are outstandingthe authority shall use its best efforts to establish and maintain its ratesand charges adequate at all times to pay and provide for all operating expensesof the authority, all payments of principal, redemption premium, if any, andinterest on bonds, notes or other evidences of indebtedness of or assumed bythe authority, all renewals, repairs, or replacements to the property of theauthority deemed necessary, and all other amounts which the authority may bylaw, resolution or contract be obligated to pay. On or before the last day ofthe authority's fiscal year, the authority shall review the adequacy of itsrates and charges to satisfy the above requirements for the next succeedingfiscal year. If the review indicates that the rates and charges are, or arelikely to be, insufficient to meet the requirements of this chapter, theauthority shall promptly take such steps as are permitted by law and as arenecessary to cure or avoid the deficiency, including but limited to, making anemergency request to the public utilities commission to raise its rates andcharges;
(14) Any other matters, of like or different character whichin any way affect the security or protection of the bonds.
§ 39-16-12 Covenants permissible in bondresolution. – Any resolution or resolutions authorizing any bonds or any issue of bonds maycontain provisions which shall be a part of the contract with the holders ofthe bonds thereby authorized, as to:
(1) Pledging all or any part of the money, earnings, income,and revenues derived from all or any part of the property of the authority tosecure the payment of any bonds or of any issue of bonds subject to suchagreements with bondholders as may then exist;
(2) The rates to be fixed and the charges to be collected andthe amounts to be raised in each year, and the use and disposition of theearnings and other revenues;
(3) The setting aside of reserves and the creation of sinkingfunds and the regulation and disposition thereof;
(4) Limitations on the right of the authority to restrict andregulate the use of the properties in connection with which the bonds areissued;
(5) Limitations on the purposes to which the proceeds of saleof any issue of bonds may be applied;
(6) Limitations on the issuance of additional bonds,including refunding bonds and the terms upon which additional bonds may beissued and secured;
(7) The procedure, if any, by which the terms of any contractwith bondholders may be amended or abrogated, the amount of bonds the holdersof which must consent thereto, and the manner in which consent may be given;
(8) The creation of special funds into which any earnings orrevenues of the authority may be deposited, and the investment of the funds;
(9) The appointment of a fiscal agent and the determinationof its powers and duties;
(10) Limitations on the power of the authority to sell orotherwise dispose of its properties;
(11) The preparation of annual budgets by the authority andthe employment of consulting engineers and auditors;
(12) The rights and remedies of bondholders in the event offailure on the part of the authority to perform any agreement;
(13) Covenanting that as long as any bonds are outstandingthe authority shall use its best efforts to establish and maintain its ratesand charges adequate at all times to pay and provide for all operating expensesof the authority, all payments of principal, redemption premium, if any, andinterest on bonds, notes or other evidences of indebtedness of or assumed bythe authority, all renewals, repairs, or replacements to the property of theauthority deemed necessary, and all other amounts which the authority may bylaw, resolution or contract be obligated to pay. On or before the last day ofthe authority's fiscal year, the authority shall review the adequacy of itsrates and charges to satisfy the above requirements for the next succeedingfiscal year. If the review indicates that the rates and charges are, or arelikely to be, insufficient to meet the requirements of this chapter, theauthority shall promptly take such steps as are permitted by law and as arenecessary to cure or avoid the deficiency, including but limited to, making anemergency request to the public utilities commission to raise its rates andcharges;
(14) Any other matters, of like or different character whichin any way affect the security or protection of the bonds.
