Any resolution authorizing the issuance of bonds may contain such covenants as the
board may deem advisable and all such covenants shall constitute valid and legally
binding and enforceable contracts between the district and the bondholders, regardless
of the time of issuance thereof. Such covenants may include, without limitation, covenants
concerning the disposition of the bond proceeds, the use and disposition of project
revenues, the pledging of revenues, taxes and assessments, the obligations of the
district with respect to the operation of the project and the maintenance of adequate
project revenues, the issuance of additional bonds, the appointment, powers and duties
of trustees and receivers, the acquisition of outstanding bonds and obligations, restrictions
on the establishing of competing projects or facilities, restrictions on the sale
or disposal of the assets and property of the district, the priority of assessment
liens, the priority of claims by bondholders on the taxing power of the district,
the maintenance of deposits to assure the payment of revenues by users of district
facilities and services, the discontinuance of district services by reason of delinquent
payments, acceleration upon default, the execution of necessary instruments, the procedure
for amending or abrogating covenants with the bondholders, and such other covenants
as may be deemed necessary or desirable for the security of the bondholders.
(Sp. Acts, Ch. 71-580, § 32)
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