2005 Idaho Code - 50-1918 — PROVISIONS OF BONDS AND TRUST INDENTURES

                                  TITLE  50
                            MUNICIPAL CORPORATIONS
                                  CHAPTER 19
                           HOUSING AUTHORITIES AND
                               COOPERATION LAW
    50-1918.  PROVISIONS OF BONDS AND TRUST INDENTURES. In 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 rents, fees or 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 rents, fees and
revenues, 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 housing project or any part thereof; 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 the
redemption and to provide the terms and conditions thereof.
    (e)  To covenant, subject to the limitations contained in this act, as to
the rents and fees to be charged in the operation of a housing project or
projects, the amount to be raised each year or other period of time by rents,
fees and other revenues, and as to the use and disposition to be made thereof;
to create or to authorize the creation of special funds for moneys held for
construction or operating costs, debt service, reserves 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; 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 as to default and terms and conditions upon which any
or all of its bonds or obligations shall become or may be declared due before
maturity, and to the terms and conditions upon which such declaration and its
consequences may be waived.
    (i)  To vest, in a trustee or trustees 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 or trustees
the right, in the event of a default by said authority, to take possession of
any housing project or part thereof, and, so long as said authority shall
continue in default, to retain such possession and use, operate and manage
said project, 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 or trustees
and to limit the liabilities thereof; and to provide the terms and conditions
upon which the trustee or trustees 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, of like or different character; to make such covenants
as will tend to make the bonds more marketable, notwithstanding that such
covenants, acts or things may not be enumerated herein.