2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 64 - PUBLIC AUTHORITIES AND QUASI-PUBLIC CORPORATIONS › Chapter 60 - Pennsylvania Convention Center Authority › Section 6009 - Provisions of bonds, trusts, indentures and mortgages

§ 6009. Provisions of bonds, trusts, indentures and mortgages.
In connection with the issuance of bonds or the incurring of obligations under leases and in order to secure the payment of the bonds and obligations, the authority, in addition to its other powers, shall have the power to:
(1) Pledge all or any part of its gross or net revenue to which its right then exists or may thereafter come into existence.
(2) Mortgage all or any part of its real or personal property then owned or thereafter acquired.
(3) Covenant against pledging all or any part of its revenue, or against mortgaging all or any part of its real or personal property to which its right or title exists or may come into existence, or against permitting or suffering a lien on the revenue or property; covenant with respect to limitations on its right to sell, lease or otherwise dispose of any of its real property; and covenant as to what other or additional debts or obligations may be incurred by it.
(4) 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 of the bonds.
(5) Provide for the replacement of lost, destroyed or mutilated bonds.
(6) Covenant against extending the time for the payment of its bonds or interest on the bonds, redeem the bonds and covenant for their redemption, and provide the terms and conditions of the bonds.
(7) Covenant as to the amount of revenue to be raised each year or other period of time by the authority as well as to the use and disposition to be made of the revenue.
(8) Create or authorize the creation of special funds for debt service or other purposes and to covenant as to the use and disposition of the money held in the special funds.
(9) Prescribe the amount of bonds.
(10) Prescribe the procedure, if any, by which the terms of a contract with bondholders may be amended or abrogated, the percentage of bonds the consent of the holders of which is required for amendment or abrogation and the manner in which consent of bondholders may be obtained.
(11) Covenant as to the use of any or all of its real or personal property, warrant its title and covenant as to the maintenance of its real and personal property, the replacement of the property, the insurance to be carried on the property and the use and disposition of insurance money.
(12) 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, in the event of default, as to terms and conditions upon which its bonds or obligations shall become or may be declared due before maturity and as to the terms and conditions upon which declaration and its consequences may be waived.
(13) Vest in a trustee or the holders of bonds, or any proportion of them, the right to enforce the payment of the bonds or any covenants securing or relating to the bonds; and vest in a trustee the right, in the event of a default by the authority, to take possession and use, operate and manage any real property and to collect the rent and revenue arising from the property and to dispose of the rent and revenue in accordance with the agreement of the authority with the trustee.
(14) Provide for the powers and duties of a trustee; limit liabilities of the trustee; and provide the terms and conditions upon which the trustee or the holders of bonds, or any proportion of them, may enforce any covenant or rights securing or relating to the bonds.
(15) Obtain letters of credit and bond insurance.
(16) Negotiate and enter into interest rate exchange agreements, interest rate cap, collar, corridor, ceiling and floor agreements, forward agreements, float agreements and other similar arrangements which, in the judgment of the authority, will assist the authority in managing the interest costs of the authority.
(17) Exercise all or any part or combination of the powers granted under this chapter or under the former provisions of the act of June 27, 1986 (P.L.267, No.70), known as the Pennsylvania Convention Center Authority Act, formerly codified at 53 Pa.C.S. Ch. 59 (relating to the Pennsylvania Convention Center Authority); make covenants other than and in addition to the covenants expressly authorized in this chapter; and make covenants and to do any and all such acts and things necessary or convenient or desirable to secure its bonds or, in the absolute discretion of the authority, as will tend to accomplish the purposes of this chapter by making the bonds more marketable or by managing the interest cost of the bonds, notwithstanding that the covenants, acts or things may not be specifically enumerated in this chapter.