§ 15. Security for bonds or notes; construction and acquisition of\nprojects.
(1)The principal of and interest on any bonds or notes issued\nby corporation may be secured by a pledge of any revenues and receipts\nof the corporation and may be secured by a mortgage or other instrument\ncovering all or any part of a project, including any additions,\nimprovements, extensions to or enlargements of any projects thereafter\nmade.\n (2) Bonds or notes issued for the acquisition, construction,\nreconstruction, rehabilitation, or improvement of a project may also be\nsecured by an assignment of any lease of or mortgage on such project and\nby an assignment of the revenues and receipts derived by the corporation\nfrom any such lease or mortgage.\n (3) The resolution under which the bonds or no
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§ 15. Security for bonds or notes; construction and acquisition of\nprojects. (1) The principal of and interest on any bonds or notes issued\nby corporation may be secured by a pledge of any revenues and receipts\nof the corporation and may be secured by a mortgage or other instrument\ncovering all or any part of a project, including any additions,\nimprovements, extensions to or enlargements of any projects thereafter\nmade.\n (2) Bonds or notes issued for the acquisition, construction,\nreconstruction, rehabilitation, or improvement of a project may also be\nsecured by an assignment of any lease of or mortgage on such project and\nby an assignment of the revenues and receipts derived by the corporation\nfrom any such lease or mortgage.\n (3) The resolution under which the bonds or notes are authorized to be\nissued and any such mortgage, lease or other instrument may contain\nagreements and provisions respecting the maintenance of the projects\ncovered thereby, the fixing and collection of rents or other revenues\ntherefrom, including monies received in repayment of mortgage loans, and\ninterest thereon, the creation and maintenance of special funds from\nsuch rents or other revenues and the rights and remedies available in\nthe event of default, all as the corporation shall deem advisable.\n (4) Each pledge, agreement, mortgage or other instrument made for the\nbenefit or security of any of the bonds or notes of the corporation\nshall continue effective until the principal of and interest on the\nbonds or notes for the benefit of which the same were made shall have\nbeen fully paid, or until provision shall have been made for such\npayment in the manner provided in the resolution or resolutions under\nwhich the same may be authorized.\n (5) The corporation may provide that any proceedings under which bonds\nor notes may be authorized that any project or part thereof may be\nconstructed, reconstructed, rehabilitated or improved by the\ncorporation, any subsibidiary or any lessee or any designee of the\ncorporation and may also provide in such proceedings for the time and\nmanner of and requisites for disbursements to be made for the cost of\nsuch construction, and for all such certificates and approvals of\nconstruction and disbursements as the corporation shall deem necessary\nand provide for in such proceedings.\n