(a) The ordinance or short-term financing agreement may impose or authorize the imposition of a forecloseable mortgage lien upon the property financed or refinanced, in whole or in part, with the proceeds of obligations issued under this chapter.
(b) The nature and extent of the mortgage lien may be controlled by the ordinance or short-term financing agreement, including provisions pertaining to the release of all or part of the land, buildings, facilities, and equipment from the mortgage lien, the priority of the mortgage lien in the event of successive issues of obligations, and authorizing any owner of obligations, or a trustee on behalf of all owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuer set forth in this chapter, the ordinance or short-term financing agreement authorizing the securing of the obligations.
(c) Obligations which are discharged or are secured by deposit in irrevocable trust shall not be taken into account in determining the aggregate principal amount outstanding for the purpose of Arkansas Constitution, Amendment 78, § 2.