1.In connection with the issuance of bonds pursuant to this chapter or the incurring of
obligations under leases made pursuant to this chapter and in order to secure the payment of
the bonds or obligations, a municipality, in addition to its other powers, shall have power to:
a.Pledge all or any part of the gross or net rents, fees or revenues of a housing project,
financed with the proceeds of such bonds, to which its rights then exist or may thereafter
come into existence.
b.Mortgage all or any part of its real or personal property, then owned or thereafter
acquired or held pursuant to this chapter.
c.Covenant against pledging all or any part of the rents, fees and revenues or against
mortgaging all or any part of its real or personal property, acquired or held pursuant to
this chapt
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1. In connection with the issuance of bonds pursuant to this chapter or the incurring of
obligations under leases made pursuant to this chapter and in order to secure the payment of
the bonds or obligations, a municipality, in addition to its other powers, shall have power to:
a. Pledge all or any part of the gross or net rents, fees or revenues of a housing project,
financed with the proceeds of such bonds, to which its rights then exist or may thereafter
come into existence.
b. Mortgage all or any part of its real or personal property, then owned or thereafter
acquired or held pursuant to this chapter.
c. Covenant against pledging all or any part of the rents, fees and revenues or against
mortgaging all or any part of its real or personal property, acquired or held pursuant to
this chapter, 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 the right to sell, lease or otherwise dispose of any housing project
9 MUNICIPAL HOUSING PROJECTS, §403A.15
or any part thereof; and covenant as to what other, or additional debts or obligations may be
incurred by it.
d. 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 the redemption of the bonds
and to provide the terms and conditions thereof.
e. Covenant subject to the limitations contained in this chapter 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 the use and disposition
to be made thereof; create or authorize the creation of special funds for moneys held for
construction or operating costs, debt service, reserves, or other purposes, and covenant as to
the use and disposition of the moneys held in such funds.
f. Prescribe the procedure, if any, by which the terms of any contract with bondholders
may be amended or abrogated, the proportion of outstanding bonds the holders of which
must consent to such action, and the manner in which such consent may be given.
g. Covenantastotheuse,maintenanceandreplacementofanyorallofitsrealorpersonal
property acquired pursuant to this chapter, the insurance to be carried thereon and the use
and disposition of insurance moneys.
h. 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 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.
i. Vestinanyobligeesoranyspecifiedproportionofthemtherighttoenforcethepayment
of the bonds or any covenants securing or relating to the bonds; vest in an obligee or obligees
the right, in the event of a default by the municipality to take possession of and use, operate
and manage any housing project or any part thereof or any funds connected therewith, and to
collecttherentsandrevenuesarisingtherefromandtodisposeofsuchmoneysinaccordance
with the agreement between the municipality and such obligees; 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.
j. Exercise all or any part or combination of the powers herein granted; make such
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 said municipality, as will tend to make
the bonds more marketable notwithstanding that such covenants, acts or things may not be
enumerated herein.
2. This chapter without reference to other statutes of the state, shall constitute full
authority for the authorization and issuance of bonds hereunder. No other act or law with
regard to the authorization or issuance of obligations that requires a bond election or in any
way impedes or restricts the carrying out of the acts herein authorized to be done shall be
construed as applying to any proceedings taken hereunder or acts done pursuant hereto.