(A) Any ordinance authorizing the issuance of bonds under this subchapter may contain covenants from the project for which the bonds are to be issued, including:
(1) The creation and maintenance of reserves;
(2) The issuance of other or additional bonds relating to the project or any rehabilitation, improvements, renovations, enlargements or additions thereto;
(3) The maintenance and repair of the project;
(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, having the necessary trust powers as trustee for the benefit of the bondholders, paying agent and bond registrar;
(6) The investment of funds held by the trustee; and
(7) The terms and conditions upon which the holders of the bonds or any portion thereof or any trustees therefor are entitled to the appointment of a receiver.
(B) Any ordinance may provide that the principal of and interest on the bonds shall be secured by a mortgage or indenture of trust covering the project for which the bonds are issued, and may include any improvement or extension thereafter made. The mortgage or indenture of trust may contain the covenants and agreements to properly safeguard the bonds and shall 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 duties of the municipality and its corporate authorities and officers under this subchapter and any ordinance, mortgage or indenture of trust shall be enforceable by any bondholder by mandamus, foreclosure of any mortgage or indenture of trust or other appropriate suit, action or proceeding in any court of competent jurisdiction, provided that the ordinance, mortgage or indenture of trust may provide that all remedies and rights to enforcement may be vested in a trustee for the benefit of all the bondholders, which trustee shall be subject to the control of a majority of the holders or owners of any outstanding bonds.
(2000 Code, § 3.12.050)