Section 1590.16 - Provisions of bonds, trust 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 or obligations, an Authority, in addition to its other powers, shall have power:
(a) To pledge all or any part of its gross or net revenues to which its right then exists or may thereafter come into existence.(b) To mortgage all or any part of its real or personal property then owned or thereafter acquired.(c) To covenant, against pledging, all or any part of its revenues, or against mortgaging, all or any 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 any lien on such revenues or property to covenant with respect to limitations on its right to sell, lease or otherwise dispose of any of its real property, and to covenant as to what other or additional debts or obligations may be incurred by it.(d) To covenant as to the bonds to be issued and as to the issuance of such bonds, in escrow or otherwise, and as to the use and disposition of the proceeds thereof, 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 thereon, and to redeem the bonds and to covenant for their redemption and to provide the terms and conditions thereof.(e) To covenant, subject to the limitations contained in this act as to the amount of revenues to be raised each year, or other period of time, as well as to the use and disposition to be made thereof, 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.(f) To prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds, the holders of which must consent thereto and the manner in which such consent may be given.(g) To covenant as to the use of any or all of its real or personal property, to warrant its title and to covenant as to the maintenance of its real and personal property, the replacement thereof, the insurance to be carried thereon, and the use and disposition of insurance moneys.(h) To 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 any or all of 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.(i) To 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 said trustee; to provide for the powers and duties of a trustee and to limit liabilities thereof; and to provide the terms and conditions upon which the trustee, or the holders of bonds, or any proportion of them, may enforce any covenant or rights securing or relating to the bonds.(j) To exercise all or any part or combination of the powers, herein granted to make covenants, other than and in addition to the covenants herein expressly authorized; 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 act, by making the bonds more marketable notwithstanding that such covenants, acts or things may not be enumerated herein.1947, July 7, P.L. 1414, § 16.