In order to secure the payment of any obligations issued pursuant to the provisions of this chapter and such interest as may accrue thereon, the Department may:
(1) Pledge all or any part of its revenues derived from the operation of said island or any facility or service furnished by it on said island;
(2) Pledge revenues to be derived from the operation of the water supply system and from the leasing of lots within the residential area;
(3) Execute and deliver a mortgage or deed of trust on that portion of the island set aside as a residential area and vest in a trustee or trustees the right to enforce any covenant made to secure or pay its bonds or other obligations and the interest thereon;
(4) Provide for the powers and duties of such trustee or trustees, limit their liability and provide the terms and conditions upon which the trustee or trustees or the holders of any bonds or any amount or portion thereof may enforce any covenant; and
(5) Enter into any covenant and do any and all acts and things necessary or desirable to secure its obligations or which, in the discretion of the Department, tend to make the obligations more marketable, notwithstanding that such covenant may restrict or interfere with the exercise of the powers herein granted, it being the intention hereof to give to the Department power to do all things in the issuance of bonds for their security that a private business corporation could do under the general laws of this State.
HISTORY: 1962 Code Section 51-247; 1952 Code Section 51-247; 1942 Code Section 3284-5; 1940 (41) 1785.