§ 28-18-11 — Covenants and agreements in municipal revenue bonds for protection of bondholders--Remedies of bondholders.

By the resolution or ordinance authorizing revenue bonds, the governing body may make and enter into on the part of the municipality covenants and agreements with the purchasers and holders thereof from time to time concerning minimum rentals and charges, continuance of ownership and proper operation and maintenance of the hospital, nursing facility, or other facility herein authorized, administration, application, and investment of and accounting for the revenues thereof and the proceeds of the bonds, insurance on the facilities and bonds of employees, relative priorities of lien of outstanding and future bonds upon the gross revenues, refunding of bonds, and the enforcement of bondholders rights, and any other lawful stipulations and covenants which the governing body deems suitable for the security of the bondholders or to reduce the interest cost on the bonds, and the holder of any bond issued hereunder may compel by appropriate court action the performance thereof, whether or not his bond is in default.

Legislative History

SL 1963, ch 286, § 3; SL 1968, ch 187; SL 1984, ch 43, § 106.