, 1955-06-15

Torrance with the purposes ana provisions OF THIS AcL.
SECTION IA In connection with the issuance Of bonds
or the mourning Of obligations, and in order to secure the
payment of such bonds or obligations, the Authority, in adj
dition to its other powers, shall have power =
() To pledge all or any part Of its gross or net rents,
fees or revenues to which its right then exists or may there
after come into existence.
0) To mortgage all or any part of its real 0 rpersonal
property, then owned or thereafter acquired.
() To covenant against pledging all or any part of it's
rents, fees and revenues, or against m~ortgaging all or any
part Of its rea@or personal property, 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; to covenant with respect to limitations on its
right to sell, lease or otherwise dispose of any project or any
part thereof; and to covenant as to what other, or additional
debts or obligations may be incurred by it.
(9 To covenant as to the bonds to be issued and as to
the issuance Of such bonds in escrow or otherwise, and as
ito the use and disposition Of the proceeds thereof: to provide
for the replacement of lost, destroyed or mutilated bonds;
to covenant against extending the time for the payment Of
its bonds or interest thereon; and to covenant for redemp-
ton Of the bonds and to provide the terms and conditions
thereof.
o) To covenant Subject to the limitations contained in this
Act as to the rents and fees to be charged in the operation
of 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 thereof; to create or to authorize
the creation of special funds for moneys held for construc-
ton or operating costs, debt services, reserves, or other pur-
poses, and to covenant as to the use and disposition Of the
moneys held in such funds
60 To 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 must
consent thereto and the manner in which such consent may
be given.
() To covenant as to the use, maintenance and replace
ment Of any or all Of its real or personal property, the in
surance to be carried thereon and the use and disposition
of insurance moneys.
Q) To covenant as to the rights, liabilities, powers and
duties arising upon the breach by it of any covenant, condi-
ton, or obligation; and to 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 upon
which such declaration and its consequences may be waived.
% To vest in any obligee of the Authority the right to
enforce the payment Of the bonds or any covenants securing
or relating to the bonds; to vest in an obligee or obigees
holding a specified amount in bonds the right, in the event
of a default by the Authority, to take possession of and use,
operate and manage any project or any part thereof or any
funds connected Herewith, and to collect the rents and reve-
nues arising therefrom, and to dispose Of such moneys in ac-
cordance with the agreement of the Authority with said
ebIigees; to provide for the powers and duties of said obi
gees and to limit the liabilities thereof; and to provide the