(A) Any bond ordinance may contain covenants as to:
(1) The use and disposition of the revenues and receipts from any lease or other agreement, or the hospital facility, for which the bonds are to be issued, including the creation and maintenance of reserves;
(2) The issuance of other or additional bonds relating to the hospital facility or any rehabilitation, improvements, renovations, enlargements, or additions;
(3) The maintenance and repair of the hospital facility;
(4) The insurance to be carried and the use and disposition of insurance moneys;
(5) The appointment of any bank or trust company having the necessary trust powers as trustee for the benefit of the bondholders, paying agent, and bond registrar;
(6) The investment of any funds held by the trustee; and
(7) The terms and conditions on which the holders of the bonds or any portion thereof or any trustees therefor, are entitled to the appointment of a receiver.
(B) The bond ordinance may provide that the principal and interest on the bonds shall be secured by a mortgage or indenture of trust covering the hospital facility for which the bonds are issued and may include any improvements or extensions. The mortgage or indenture of trust may contain covenants and agreements to properly safeguard the bonds as may be provided in the bond ordinance and shall be executed in the manner provided for in the bond ordinance. The provisions of §§ 36.10 through 36.22 and the bond ordinance and any mortgage or indenture of trust shall constitute a contract with the holder or holders of the bonds and continue in effect until the principal, interest, and redemption premiums, if any, on the bonds so issued have been fully paid, or until provision for payment shall have been made as provided in the bond ordinance. The duties of the city and its corporate authorities and officers under §§ 36.10 through 36.22 and any bond ordinance and mortgage or indenture of trust, shall be enforceable by mandamus, foreclosure of any mortgage or indenture of trust, or by other appropriate suit, action, or proceedings in any court of competent jurisdiction, in the manner and subject to the terms of the bond ordinance, mortgage, or indenture of trust.
(Ord. 6550, passed 1-31-78)