Section 2399.8 - Provisions of bonds, trusts, indentures and mortgagesIn connection with the issuance of bonds or the incurring of obligations under leases and in order to secure the payment of such bonds and obligations, the authority, in addition to its other powers, shall have the power to:
(1) Pledge all or part of its gross or net revenues to which its right then exists or may thereafter come into existence.(2) Mortgage all or part of its real or personal property then owned or thereafter acquired.(3) Covenant against pledging all or part of its revenues or against mortgaging all or part of its real or personal property to which its right or title exists or may thereafter come into existence or against permitting or suffering a lien on such revenues or property; to covenant with respect to limitations on its right to sell, lease or otherwise dispose of its real property; and to covenant as to what other or additional debts or obligations may be incurred by it.(4) Covenant as to the bonds to be issued and as to the issuance of the bonds, in escrow or otherwise, and as to the use and disposition of the proceeds; to provide for the replacement of lost, destroyed or mutilated bonds; to covenant against extending the time for the payment of its bonds or interest; and to redeem the bonds and to covenant for and provide the terms and conditions for their redemption.(5) Covenant as to the amount and the use and disposition of revenues to be raised each year or other period of time by the authority; to create or to authorize the creation of special funds for debt service or other purposes; and to covenant as to the use and disposition of the moneys held in such funds.(6) Prescribe the procedure, if any, by which the terms of a contract with bondholders may be amended or abrogated, the amount of bonds, the holders of which must consent thereto and the manner in which consent may be given.(7) Covenant as to the use of its real or personal property; to warrant its title; and to covenant as to the maintenance and replacement of its real and personal property, the insurance to be carried on the property and the use and disposition of insurance moneys.(8) Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation; and to covenant and prescribe in the event of default as to terms and conditions upon which its bonds or obligations shall become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived.(9) Vest in a trustee or the holders of bonds or any proportion of them the right to enforce the payment of the bonds or any covenants securing or relating to the bonds; to vest in a trustee the right in the event of a default by the authority to take possession and use, operate and manage any real property and to collect the rents and revenues arising therefrom and to dispose of such moneys in accordance with the agreement of the authority with the trustee; to provide for the powers and duties of a trustee and to limit the trustee's liabilities; and to provide the terms and conditions upon which the trustee or the holders of bonds or any proportion of them may enforce covenants or rights securing or relating to the bonds.(10) Obtain letters of credit and bond insurance.(11) Exercise all or any part or combination of the powers granted in this section; to make covenants other than and in addition to the covenants expressly authorized in this section and to make such covenants and to do any and all such acts and things as may be necessary or convenient or desirable in order to secure its bonds or, in the absolute discretion of the authority, as will tend to accomplish the purposes of this subdivision by making the bonds more marketable notwithstanding that such covenants, acts or things may not be specifically enumerated in this section.1955, Aug. 9, P.L. 323, No. 130, § 2399.8, added 1999, Nov. 3, P.L. 461, No. 42, § 3, imd. effective.