(a) Any ordinance authorizing the issue of bonds under this article may contain covenants as to any one or more of the following:
(1) The owner of the qualified project and obligor under the loan or financing agreement shall be and maintain its recognition by the internal revenue service as a federally tax exempt organization described in section 501(c)(3) of the code so long as the bonds are outstanding;
(2) The use and disposition of the income and revenue from the qualified project for which the bonds are to be issued, including the creation and maintenance of reserves;
(3) The issue of other or additional bonds payable from the income and revenue of such qualified project;
(4) The maintenance of the qualified project;
(5) The insurance to be maintained with respect to the qualified project and the use and disposition of any insurance proceeds;
(6) The agreement of the owner of the qualified project to indemnify and hold harmless the village, its officers, employees and agents from any action arising out of village's review, processing and action on the bond application; and
(7) Such additional terms as the board of trustees shall deem necessary, appropriate and proper.
(b) Any ordinance authorizing the issuance of the 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 deed of trust or other instrument covering such qualified project and any improvements thereafter made. Such mortgage or deed of trust or other instrument may contain such covenants and agreements as may be provided for in the ordinance authorizing such bonds. The mortgage or deed of trust or other instrument shall remain in effect until the principal of, interest on and redemption premiums, if any, on the bonds have been fully paid. The village may in such mortgage or deed of trust or other instrument, or in the ordinance authorizing the bonds, agree that enforcement of such mortgage or deed of trust or other instrument and/or the duties of the village may be enforceable by any bondholder by foreclosure or other appropriate suit, action or proceeding in any court of competent jurisdiction; provided however that the ordinance, mortgage or deed of trust or other instrument under which the bonds are issued or secured may provide that all such remedies may be vested in a trustee for the benefit of all the bondholders, which trustee shall be subject to the direction and control of a majority (or other controlling portion) of the holders or owners of any outstanding bonds. (Ord. 0-06-21, 5-1-2006)