(1) The use and disposition of 98e income and revenues from the housing development for which the bonds are to be issued, including the creation and maintenance of reserves;
(2) The issuance of additional bonds payable from the income and revenues from the housing development;
(3) The maintenance and repair of the housing development;
(4) The insurance to be carried and the use and disposition of insurance proceeds;
(5) The appointment of any bank or trust company, bearing 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 by the chancery court, which court shall have jurisdiction in these proceedings, and which receiver may enter and take possession of the housing development and lease and maintain it, prescribe rentals and collect, receive, and apply all income and revenues arising in the same manner and to the same extent as the city itself might do.
(B) Any resolution authorizing the issuance of bonds under §§ 36.25 through 36.37 may provide that the principal and interest on any bonds issued shall be secured by a mortgage or assignment and an indenture of trust covering the housing development for which the bonds are issued and may include any improvements or extensions made. The mortgage and indenture of trust may contain covenants and agreements to properly safeguard the bonds as may be provided in the resolution authorizing the bonds but not inconsistent with §§ 36.25 through 36.37 and shall be executed in the manner as may be provided for in the resolution. The provisions of §§ 36.25 through 36.37, any resolution, and any mortgage and indenture of trust shall constitute a contract with the holder or holders of the bonds and continue in effect until the principal, the interest, and the redemption premium, if any, on the bonds so issued have been fully paid and the duties of the city and the city council and its officers are enforceable by any bondholder by mandamus, foreclosure of any mortgage and indenture of trust, or other appropriate suit, action, or proceedings in any court of competent jurisdiction. However, the resolution or any mortgage and indenture of trust under which the bonds are issued may provide that all remedies and rights to enforcement may be vested in a trustee for the benefit of all the bondholders and the trustee may be subject to the control of a majority of the holders or owners of any outstanding bonds.
(Ord. 6491, passed 8-9-77)