(1) The principal of and interest on
any bonds or notes issued by the authority may be secured by a pledge of, or
security interest in, the revenues, rentals, and receipts out of which the same may
be made payable or from other moneys available therefor and not otherwise
pledged or used as security and may be secured by a trust indenture, mortgage, or
deed of trust (including assignment of leases or other contract rights of the
authority thereunder) covering all or any part of the facilities from which the
revenues, rentals, or receipts so pledged or used as security may be derived,
including any enlargements of and additions to any such facility thereafter made.
The resolution under which the bonds are authorized to be issued and any such
trust indenture, mortgage, or deed of trust may contain any agreements and
provisions which shall be a part of the contract with the holders of the bonds or
notes to be authorized as to:
(a) Pledging or providing a security interest in all or any part of the revenues
of a facility or any revenue-producing contract or contracts made by the authority
with any individual, partnership, corporation, or association or other body, public or
private, to secure the payment of the bonds or notes or of any particular issue of
bonds, subject to such agreements with noteholders or bondholders as may then
exist;
(b) Maintenance of the properties covered thereby;
(c) Fixing and collection of mortgage payments, rents, fees, and other
charges to be charged and the amounts to be raised in each year thereby, and the
use and disposition of the revenues;
(d) Setting aside, creation, and maintenance of special and reserve funds
and sinking funds and the use and disposition of the revenues;
(e) Limitations on the right of the authority or its agent to restrict and
regulate the use of the facilities;
(f) Limitations on the purpose to which the proceeds of sale of any issue of
bonds or notes then or thereafter to be issued may be applied, and pledging or
providing a security interest in such proceeds to secure the payment of the bonds
or notes or any issue of the bonds or notes;
(g) Limitations on the issuance of additional bonds, the terms upon which
additional bonds may be issued and secured, and the refunding of outstanding
bonds;
(h) The procedure, if any, by which the terms of any contract with
bondholders or noteholders may be amended or abrogated, the amount of bonds or
notes the holders of which must consent thereto, and the manner in which such
consent may be given;
(i) Limitations on the amount of moneys derived from a facility to be
expended for operating, administrative, or other expenses of the authority;
(j) Defining the acts or omissions to act which shall constitute a default in
the duties of the authority to holders of its obligations and providing the rights and
remedies of such holders in the event of a default;
(k) Mortgaging of a facility and the site thereof for the purpose of securing
the bondholders or noteholders;
(l) Such other additional covenants, agreements, and provisions as are
judged advisable or necessary by the authority for the security of the holders of
such bonds or notes.
(2) Any pledge made by the authority shall be valid and binding from the
time when the pledge is made. The revenues, moneys, or property so pledged and
thereafter received by the authority shall immediately be subject to the lien of such
pledge without any physical delivery thereof or further act, and the lien of such
pledge shall be valid and binding as against all parties having claims of any kind in
tort, contract, or otherwise against the authority, irrespective of whether such
parties have notice thereof. Neither the resolution nor any other instrument by
which a pledge is created need be recorded. Each pledge, agreement, lease,
indenture, mortgage, and deed of trust made for the benefit or security of any of
the bonds of the authority shall continue to be effective until the principal of and
interest on the bonds for the benefit of which the same were made shall have been
fully paid or provision for such payment duly made. In the event of default in such
payment or in any agreements of the authority made as a part of the contract under
which the bonds were issued, whether contained in the resolutions authorizing the
bonds or in any trust indenture, mortgage, or deed of trust executed as security
therefor, said payment or agreement may be enforced by suit, mandamus, the
appointment of a receiver in equity, foreclosure of any mortgage and deed of trust,
or any one or more of said remedies.
(3) In addition to the provisions of subsections (1) and (2) of this section,
bonds of the authority may be secured by a pooling of leases, loans, or mortgages
whereby the authority may assign its rights, as lessor, lender, or mortgagee, and
pledge rents, loan payments, or mortgage payments under two or more leases,
loans, or mortgages, with two or more participating health institutions as lessees,
borrowers, or mortgagors, respectively, upon such terms as may be provided for in
the resolutions of the authority or as may be provided for in a trust indenture or
mortgage or deed of trust authorized by the authority.