Any bond ordinance may contain covenants as to:
(A) The use and disposition of the revenues and receipts from any revenue agreements or with respect to the project for which the bonds are to be issued, including the creation and maintenance of reserves.
(B) The issuance of other or additional bonds with respect to any project payable from the income and revenues from or with respect to such project.
(C) The maintenance and repair of any project.
(D) The insurance to be carried thereon and the use and disposition of insurance monies.
(E) The appointment of any bank or trust company within or outside of the State of Illinois having the necessary trust powers as trustee for the benefit of the bond holders, paying agent and bond registrar.
(F) Investment of any funds held by any such trustee.
(G) 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 by a court of competent jurisdiction in such proceedings, and which receiver may enter and take possession of the project if it is then owned by the Village and lease, sell or otherwise dispose of it and maintain it, prescribe rentals or other payments and collect, receive and apply all income and revenues thereafter arising therefrom in the same manner and to the same extent as the Village itself might do.
Any bond ordinance may provide that the principal of and interest on any bonds issued under this chapter shall be secured by a mortgage or deed of trust covering the project for which the bonds are issued and may include any improvements or extensions thereafter made. Such mortgage or deed of trust may contain such covenants and agreements to properly safeguard the bonds as may be provided for in the bond ordinance, but not inconsistent with this chapter, and shall be executed in the manner provided for in the bond ordinance. A mortgage or deed of trust by which a security interest is created or a financing statement relating thereto need not be filed or recorded under the Uniform Commercial Code, or otherwise, except in the records of the Village. The provisions of this chapter and any such bond ordinance or bond ordinances, and any such mortgage or deed of trust shall constitute a contract with the holder or holders of the bonds and shall continue in effect until the principal of and interest on the bonds so issued has been fully paid, and the duties of the Village and its Corporate Authorities and officers under this chapter and any such bond ordinance, and any such mortgage or deed of trust are enforceable by any bond holder by mandamus, injunction, foreclosure of any such mortgage or deed of trust or other appropriate suit, action or proceeding in any court of competent jurisdiction, provided the bond ordinance or any mortgage or deed of trust 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. 85-O-27, 7-8-1985)