A. Covenants in Bonds or Notes: Any bond ordinance or resolution may contain covenants as to:
1. The use and disposition of the revenues and receipts from the security agreement or the hospital facility for which the bonds or notes are to be issued, including the creation and maintenance of reserves;
2. The issuance of other or additional bonds or notes relating to the hospital facility or any rehabilitation, improvements, renovations, enlargements or additions thereto;
3. The maintenance and repair of such hospital facility;
4. The insurance to be carried thereon and the use and disposition of insurance moneys;
5. The appointment of any bank or trust company within or outside the State of Illinois having the necessary trust powers as trustee for the benefit of the bondholders or noteholders and the appointment of paying agents and bond registrars;
6. The investment of any funds held by such trustee; and
7. The terms and conditions upon which the holders of the bonds or notes or any portion thereof or any trustees therefor are entitled to the appointment of a receiver.
B. Mortgage or Indenture of Trust: The bond ordinance or resolution may provide that the principal of and interest on the bonds or notes shall be secured by a mortgage or indenture of trust covering such hospital facility for which the bonds or notes are issued and may include any improvements or extensions thereafter made. Such mortgage or indenture of trust may contain such covenants and agreements properly to safeguard the bonds or notes as may be provided for in the bond ordinance or resolution and shall be executed in the manner provided for in the bond ordinance or resolution. The provisions of the bond ordinance or resolution and any such mortgage or indenture of trust shall constitute a contract with the holder or holders of the bonds or notes and continue in effect until the principal of, the interest on and the redemption premiums, if any, on the bonds or notes so issued have been fully paid or until provision for payment shall have been made as provided in the bond ordinance or resolution, and the duties of the Village and its corporate authorities and officers under any bond ordinance or resolution and any such mortgage or indenture of trust shall be enforceable by mandamus, foreclosure of any mortgage or indenture of trust or other appropriate suit, action or proceedings in any court of competent jurisdiction in the manner and subject to the terms of such bond ordinance or resolution, mortgage or indenture of trust.
(Ord. 1390, 8-12-1980; amd. Ord. 1502, 12-8-1981)