2019 US Virgin Islands Code
Title 17 - Education
Chapter 33 - University of the Virgin Islands
§ 462. Powers of University with respect to bonds or obligations

(1) 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;

(2) mortgage all or any part of its realtor personal property, then owned or thereafter acquired;

(3) covenant against pledging all or any part of its rents, fees or revenues, or against mortgaging all or any part of its real or personal property to which its right or title then exists or may thereafter come into existence or against permitting or suffering any lien on such revenues or property; covenant with respect to limitations on its right to sell, lease or otherwise dispose of any project or any part thereof; and 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 such bonds in escrow or otherwise, and as to the use and disposition of the proceeds thereof, provide for the replacement of lost, destroyed or mutilated bonds; covenant against extending the time for the payment of its bonds or interest thereon; and covenant for redemption of the bonds and to provide the terms and conditions thereof;

(5) covenant (subject to the limitations contained in this chapter) as to the rents and fees to be charged in the operation of projects, fees and other revenues, and as to the use and disposition to be made thereof; create or authorize the creation of special funds for monies held for construction or operating costs, debt services, reserves, or other purposes, and covenant as to the use and disposition of the money held in such funds;

(6) prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds and holders of which must consent thereto and the manner in which such consent must be given;

(7) covenant as to the use, maintenance and replacement of any or all its real or personal property; the insurance to be carried thereon, and the use and disposition of insurance monies;

(8) covenant as to the rights, liabilities, powers, and duties arising upon the breach by it of any covenant, condition, or obligation; and covenant and prescribe as to the events of 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 as to the terms and conditions upon which such declaration and its consequences may be waived;

(9) vest in any obligee of the University the right to enforce the payment of the bonds or any covenants securing or relating to the bonds; vest in an obligee or obligees to take possession of and use, operate and manage any project or any part thereof or any funds connected therewith, and to collect the rents and revenues arising therefrom, and to dispose of such monies in accordance with agreement of the University with said obligee; provide for the powers and duties of such obligees and limit the liabilities thereof; and provide the terms and conditions upon which such obligees may enforce any covenant or rights securing or relating to the bonds; and

(10) exercise all or any part or combination of the powers herein granted; make covenants (other than and in addition to the covenants herein expressly authorized) and 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 Board of Trustees as will tend to make the bonds more marketable notwithstanding that such covenants, acts or things may not be enumerated herein.