(a) Any ordinance authorizing the issuance of bonds under this Article may contain covenants as to any one or more of the following:
(1) The use and disposition of the income and revenues from the development project for which the bonds are to be issued, including the creation and maintenance of reserves;
(2) The issuance of other or additional bonds payable from the income and revenues from such development project;
(3) The maintenance and handling of such project;
(4) The insurance to be maintained thereon and the use and disposition of insurance money; and
(5) Such additional terms as the Board of Trustees shall deem necessary and proper.
(b) Any ordinance authorizing the issuance of bonds under this Article may provide that the principal of and interest on any bonds issued under this Article shall be secured by a mortgage or trust deed covering such development project and any improvements or extensions thereafter made. Such mortgage or trust deed may contain such covenants and agreements to safeguard properly the bonds as may be provided for in the ordinance authorizing such bonds and shall be executed in such manner as may be provided for in such ordinance. The provisions of this Article and any such ordinance and any such mortgage or trust deed shall constitute a contract with the holder or holders of the bonds which will 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. The Village may, in any such ordinance, agree that the duties of the Village and its corporate authorities and officers under this Article and any such ordinance and any such mortgage or trust deed shall be enforceable by any bond-holder by mandamus, foreclosure of any such mortgage or trust deed or other appropriate suit, action or proceedings in any court of competent jurisdiction; provided, that the ordinance or any mortgage or trust deed under which the bonds are issued may provide that all such remedies and rights to enforcement may be vested in a trustee for the benefit of all bond-holders, which trustee shall be subject to the control of a majority of the holders or owners of any outstanding bonds. (Ord. 0-81-26, 4-6-81)