Provision of bond resolution - covenants.

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(1) A resolution pertaining to issuance of bonds under this part 3 may contain covenants as to:

  1. The purpose to which the proceeds of sale of the bonds may be applied and to the useand disposition thereof;

  2. The use and disposition of the revenues of the project for which the bonds are to beissued;

  3. Such matters as are customary in the issuance of revenue bonds including withoutlimitation the issuance and lien position of other or additional bonds, payable from the net revenue received for the operation of the additional facilities acquired or provided pursuant to this part 3 and contributions from nonstate sources for such facilities; (d) Books of account and the inspection and audit thereof.

(2) Any resolution made pursuant to the terms of this part 3 shall be deemed a contract with the holders of the bonds, and the duties of the board under such resolution shall be enforceable by any appropriate action in a court of competent jurisdiction.

Source: L. 75: Entire part added, p. 1355, § 1, effective July 14. L. 83: (2) amended, p. 1372, § 10, effective June 2. L. 89: (1)(c) R&RE, p. 1414, § 7, effective July 1. L. 97: (1)(c) amended, p. 818, § 9, effective June 30.


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