Section 7-7-4428 - Covenants in resolution authorizing issuance of bondsAny resolution or resolutions authorizing the issuance of bonds under this part may contain covenants as to:
(1) the purpose or purposes to which the proceeds of sale of the bonds may be applied and the disposition of the proceeds;(2) the use and disposition of the revenue of the undertaking for which the bonds are to be issued, including the creation and maintenance of reserves and including the pledge or appropriation of all or a portion of the property and resort tax revenue referred to in 7-7-4424;(3) the transfer, from the general fund of the municipality to the account or accounts of the undertaking, of an amount equal to the cost of furnishing the municipality or any of its departments, boards, or agencies with the services, facilities, or commodities of the undertaking;(4) the issuance of other or additional bonds payable from the revenue of the undertaking;(5) the operation and maintenance of the undertaking;(6) the insurance to be carried on the undertaking and the use and disposition of insurance money;(7) books of account and the inspection and audit of the books; and(8) the terms and conditions upon which the holders or trustees of the bonds or any proportion of the bonds are entitled to the appointment of a receiver by the district court having jurisdiction. The receiver may:(a) enter and take possession of the undertaking;(b) operate and maintain the undertaking;(c) prescribe rates, fees, or charges, subject to the approval of the public service commission; and(d) collect, receive, and apply all revenue thereafter arising from the undertaking in the same manner as the municipality itself might do.En. Sec. 5, Ch. 126, L. 1939; R.C.M. 1947, 11-2405(part); amd. Sec. 33, Ch. 423, L. 1995.