, 1959-02-06
LEGISLATIVE RECORD
Continued from yesterday

M
() covenant Subject to the limitations contained in
this chapterl 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;
create or authorize the creation OF special funds for
moneys held for construction or operating costs, debt ser
vices, reserves, or other purposes, and covenant as to the
use and disposition. Of the nonyS held in such funds;
I'D 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 con-
sent may be given;
~ covenant as to the use, maintenance and replace
nnent of any or all of its real or personal property, the in
suranoe to be carried thereon, and the use and disposition
Of insurance moneys;
Cd. covenant as to the rights, liabilities, powers, and
duties arising upon the breach by it Of any covenant, con-
dition, or obligation; and covenant and prescribe as to
events or 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 rs to the terms and
conditions upon which such declaration and its conse-
quences may be waived;
90 vest in any obligee of the Authority the right to
enforce the payment Of the bonds or any covenants secur-
ing or relating to the bonds; vest in an obligee or obligees
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 revenues arising th~erefrom, and to dispose of
such moneys in accordance with the agreement Of the
Authority with said obligees; provide for the powers and
duties of such obligees and limit the liabilities thereof; and
provide the terms and conditions upon which such obi
gees may enforce any covenant or rights securing or re-
lating to the bonds; and
d0 exercise all or any part or combination Of the
powers herein granted; make covenants tother than and
in addition to the covenants herein expressly authorized
and do any and all such acts and things as may be neces-
sary or convenient or desirable in order to secure its
bonds, or in the absolute discretion Of the Authority, as
will tend to make the bonds more marketable notwith-
standing that such covenants, acts or things may not be
enumerated herein.
Section 1874. Rights of obligee
An obligee of the Authority, in addition to all other
rights which may be conferred on such obligee, subject
only to any co~ntractual restrictions binding upon him,
may. by a civil action
Cd compel the Authority and the commissioners,
officers, agents or employees thereof to perform each and
every term, provisions and covenant contained in any
contract Of the Authority with or for the benefit Of such
ebligee, and to carry out any or all such covenants and
agreements Of the Authority and fulfill all duties imposed
upon the Authority BY this chapter; or