Arizona § 36-1412 - Additional provisions of bonds

§ 36-1412. Additional provisions of bonds

In connection with the issuance of bonds pursuant to this article, or the incurring of obligations under leases made pursuant to this article, and in order to secure the payment of the bonds or obligations, a public housing authority, city, town or county may:

1. Pledge all or any part of the gross or net rents, fees or revenues of a housing project financed with the proceeds of the bonds, to which its rights then exist or may thereafter come into existence.

2. Covenant against pledging all or any part of the project rents, fees and revenues, or against permitting or suffering any lien on the revenues or property.

3. Covenant with respect to limitations on its right to sell, lease or otherwise dispose of any housing project or any part of a housing project.

4. Covenant as to what other or additional debts or obligations may be incurred by it.

5. Covenant as to the bonds to be issued and as to the issuance of the bonds in escrow or otherwise and as to the use and disposition of the proceeds.

6. Provide for the replacement of lost, destroyed or mutilated bonds.

7. Covenant against extending the time for the payment of its bonds or interest.

8. Redeem the bonds, covenant for their redemption and provide the terms and conditions.

9. Covenant, subject to the limitations contained in this article, 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 as to the use and disposition to be made .

10. Create or authorize the creation of special funds for monies held for construction or operating costs, debt service, reserves or other purposes and covenant as to the use and disposition of the monies held in such funds.

11. Prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which shall consent thereto and the manner in which such consent may be given.

12. Covenant as to the use of any or all of its real or personal property acquired pursuant to this article, and covenant as to the maintenance of such property, the replacement thereof, the insurance to be carried thereon and the use and disposition of insurance monies.

13. Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition, or obligation, and covenant and prescribe 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 on which the declaration and its consequences may be waived.

14. Vest in a trustee or trustees or the holders of bonds issued pursuant to this article, or any specified proportion of them, the right to enforce payment of the bonds or any covenants securing or relating to the bonds, vest in a trustee or trustees the right, in the event of a default by the public housing authority, city, town or county, to take possession of any housing project or part, and, as long as the public housing authority, city, town or county continues in default, to retain possession and use, operate and manage the project, and to collect the rents and revenues arising therefrom and to dispose of the monies in accordance with the agreement of the public housing authority, city, town or county with the trustee, provide for the powers and duties of a trustee or trustees and limit the liabilities thereof, and provide the terms and conditions on which the trustee or trustees or the holders of bonds, or any proportion of them, may enforce any covenant or rights securing or relating to the bonds.

15. Exercise all or any part or combination of the powers granted by this section, make covenants other than and in addition to the covenants expressly authorized by this section, of like or different character, and make covenants that tend to make the bonds more marketable notwithstanding that the covenants, acts or things are not enumerated in this section.