Any ordinance authorizing the issuance of bonds under this ordinance may contain covenants as to (a) the use and disposition of the revenues and receipts from any residential development or home mortgages for which the bonds are to be issued, including the creation and maintenance of reserves; (b) the issuance of other or additional bonds relating to any residential development or any rehabilitation, improvements, renovations, enlargements or additions thereto; (c) the maintenance and repair of such residential development or any homes; (d) the insurance to be carried on any residential development, home, home mortgage or bonds and the use and disposition of insurance moneys; (e) the appointment of one or more banks or trust companies within or outside the State of Illinois, having the necessary trust powers, as trustee and/or custodian for the benefit of the bondholders, paying agent or bond registrar; (f) the investment of any funds held by such trustee or custodian; (g) the maximum interest rate payable on any home mortgage; and (h) the terms and conditions upon which the holders of the bonds or any portion thereof or any trustees therefor, are entitled to the appointment of a receiver by a court of competent jurisdiction, and said terms and conditions may provide that the receiver may enter and take possession of the residential development or home mortgages, or any part thereto, and maintain, lease, sell or otherwise dispose of such development or mortgages, prescribe rentals or other payments and collect, receive and apply all income and revenues thereafter arising therefrom. Any ordinance authorizing the issuance of bonds under this ordinance may provide that the principal of and interest on any bonds issued under this ordinance shall be secured by a mortgage, pledge, security interest, insurance agreement or indenture of trust covering such residential development or home mortgages for which the bonds are issued and may include any improvements or extensions thereafter made. Such mortgage, pledge, security interest, insurance agreement or indenture of trust may contain such covenants and agreements to properly safeguard the bonds as may be provided for in the ordinance authorizing such bonds and shall be executed in the manner as may be provided for in the ordinance. The provisions of this ordinance and any such ordinance and any such mortgage, pledge, security interest or indenture of test shall constitute a contract with the holder or holders of the bonds and continue in effect until the principal of, the interest on, and the redemption premiums, if any, on the bonds so issued have been fully paid or provision made therefor, and the duties of the municipality and its corporate authorities and officers under this ordinance and any such ordinance and any such mortgage, pledge, security interest or indenture of trust shall be enforceable as provided therein by any bondholder by mandamus, foreclosure of any such mortgage, pledge, security interest or indenture of trust or other appropriate suit, action or proceeding in any court of competent jurisdiction; provided the ordinance or any mortgage, pledge, security interest or indenture of trust under which the bonds are issued may provide that all such remedies and rights to enforcement may be vested in a trustee (with full power of appointment) for the benefit of all the bondholders which trustee shall be subject to the control of such number of holders or owners of any outstanding bonds as provided therein.
(Prior code § 7-89)