(1) Any resolution
providing for the issuance of any bonds under this article payable from pledged
revenues and any indenture or other instrument or proceedings pertaining thereto
may at the discretion of the board of directors contain covenants or other
provisions, notwithstanding that such covenants and provisions may limit the
exercise of powers conferred by this article, in order to secure the payment of such
bonds, in agreement with the holders of such bonds, including, without limitation,
covenants or other provisions as to any one or more of the following:
(a) The pledged revenues and, in the case of general obligations, the taxes to
be fixed, charged, or levied and the collection, use, and disposition thereof,
including, without limitation, the foreclosure of liens for delinquencies, the
discontinuance of services, facilities, or use of any properties or facilities,
prohibition against free service, the collection of penalties and collection costs, and
the use and disposition of any moneys of the district or subdistrict issuing bonds,
derived or to be derived, from any source designated;
(b) The acquisition, improvement, or equipment of all or any part of
properties pertaining to any project or any facilities;
(c) The creation and maintenance of reserves or sinking funds to secure the
payment of the principal of and the interest on any bonds or of the operation and
maintenance expenses of any facilities, or part thereof, and the source, custody,
security, regulation, use, and disposition of any such reserves or funds, including,
without limitation, the powers and duties of any trustee with regard thereto;
(d) Limitations on the powers of the district or subdistrict to acquire or
operate, or permit the acquisition or operation of, any structures, facilities, or
properties which may compete or tend to compete with any facilities;
(e) The vesting in a corporate or other trustee or trustees of such property,
rights, powers, and duties in trust as the board of directors may determine, which
may include any or all of the rights, powers, and duties of the trustee appointed by
the holders of bonds, and limiting or abrogating the rights of such holders to
appoint a trustee, or limiting the rights, duties, and powers of such trustee;
(f) Events of default, rights, and liabilities arising therefrom and the rights,
liabilities, powers, and duties arising upon the breach by the district or subdistrict of
any covenants, conditions, or obligations;
(g) The terms and conditions upon which the holders of the bonds or of a
specified portion, percentage, or amount thereof, or any trustee therefor, shall be
entitled to the appointment of a receiver, which receiver may enter and take
possession of any facilities or service, operate and maintain the same, prescribe
fees, rates, and other charges, and collect, receive, and apply all revenues
thereafter arising therefrom in the same manner as the district or subdistrict itself
might do;
(h) A procedure by which the terms of any resolution authorizing bonds or
any other contract with any holders of district or subdistrict bonds, including,
without limitation, an indenture of trust or similar instrument, may be amended or
abrogated, and as to the proportion, percentage, or amount of bonds the holders of
which must consent thereto, and the manner in which such consent may be given;
(i) The terms and conditions upon which any or all of the bonds 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; and
(j) All such acts and things as may be necessary or convenient or desirable in
order to secure the bonds or, in the discretion of the board of directors, tend to
make the bonds more marketable, notwithstanding that such covenant, act, or thing
may not be enumerated in this article, it being the intention of this article to give to
the board of directors power to do in the name and on behalf of the district or
subdistrict all things in the issuance of district or subdistrict bonds and for their
security, except as expressly limited in this article.