§ 21-17-427 — Covenants in resolution limiting powers to secure payment

(a) Any resolution providing for the issuance of any bonds
or other securities under this act payable from pledged revenues
and any indenture or other instrument or proceedings
appertaining thereto may contain covenants or other provisions
which may limit the exercise of powers conferred under this act,
in order to secure the payment of the securities in agreement
with the holders of the securities, including without limitation
covenants or other provisions as to any of the following:
(i) The pledged revenues to be fixed, charged or
levied and the collection, use and disposition thereof,
including but not limited to the foreclosure of liens for
delinquents, 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 monies of the board, derived or
to be derived, from any source herein designated;
(ii) The acquisition, improvement or equipment of all
or any part of properties pertaining to any project or any
facilities;
(iii) The creation and maintenance of reserves or
sinking funds to secure the payment of the principal of and
interest on any securities or of operation and maintenance
expenses of any facilities, or part thereof, and the source,
custody, security, regulation, use and disposition of any
reserves or funds, including but not limited to the powers and
duties of any trustee with regard thereto;
(iv) A fair and reasonable payment by the board from
available monies to the account of any designated facilities for
services rendered thereby to the board or university;
(v) The payment of the cost of any project by
delineating the purpose or purposes to which the proceeds of the
sale of securities may be applied, and the custody, security,
use, expenditure, application and disposition thereof;
(vi) The application of any accrued interest and any
premium from the sale of any bonds or other securities hereunder
to the cost of a project, to any bond fund or other fund or
account for the payment of interest on or the principal of the
bonds or other securities, or both interest and principal, or to
any reserve fund or account therefor, or any combination
thereof;
(vii) The registration of the bonds or other
securities for payment as to principal and interest;
(viii) The endorsement of payments of interest on the
bonds or other securities;
(ix) The endorsement of payments of principal on the
bonds or other securities;
(x) The initial issuance of one (1) or more bonds or
other securities in book-entry form aggregating the amount of
the entire issue or any portion thereof, and the endorsement of
payments of interest or principal, or both interest and
principal, on the securities;
(xi) The manner and circumstances in and under which
any such bond or other securities may in the future, at the
request of the holder thereof, be converted into bonds or other
securities of smaller denominations;
(xii) The reissuance of any outstanding bond or other
securities, and the terms and conditions thereof, whether lost,
apparently destroyed, wrongfully taken, or for any other reason,
as provided in the Uniform Commercial Code, W.S. 34.1-8-101
through 34.1-8-603, or otherwise;
(xiii) The temporary investment and any reinvestment
of proceeds of bonds or other securities or pledged revenues in
investments under W.S. 21-17-426;
(xiv) The deposit of monies or investments under W.S.
21-17-426 with and securing their repayment by a commercial bank
or banks;
(xv) The pledge of and the creation of a lien upon
pledged revenues or the proceeds of bonds or other securities
pending their application to defray the cost of any project, or
both such revenues and proceeds of securities, to secure the
payment of bonds or other securities, issued under this act;
(xvi) The payment of the principal of and interest on
any securities, and the sources and methods thereof, the rank or
priority of any securities as to any lien or security for
payment, or the acceleration of any maturity of any securities,
or the issuance of other or additional securities payable from
or constituting a charge against or lien upon any pledged
revenues or other monies pledged for the payment of securities
and the creation of future liens and encumbrances there against;
(xvii) The use, regulation, inspection, management,
operation, maintenance or disposition, or any limitation or
regulation of the use, of all or any part of the facilities or
any property of the board or university and the making and
enforcement of reasonable parietal rules that shall insure the
use of the facilities by all students in attendance at the
university who reside on the campus of the university, or
otherwise, to the maximum extent to which the facilities are
capable of serving the students;
(xviii) The determination or definition of pledged
revenues from any facilities or of operation and maintenance
expenses of facilities, the use and disposition of the revenues
and the manner of and limitations upon paying expenses;
(xix) The creation of special funds and accounts
appertaining to any pledged revenues or to the bonds or other
securities issued under this act;
(xx) The insurance to be carried by the board or any
other person in interest and use and disposition of insurance
monies, the acquisition of completion, performance, surety and
fidelity bonds appertaining to any project or funds, or both,
and the use and disposition of any proceeds of the bonds;
(xxi) Books of account, the inspection and audit
thereof, and other records appertaining to any project,
facilities or pledged revenues;
(xxii) The assumption or payment or discharge of any
obligation, lien or other claim relating to any part of any
project, any facilities, or any securities having or which may
have a lien on any part of any pledged revenues or other monies
of the board or university;
(xxiii) Limitations on the powers of the board 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;
(xxiv) The vesting in a corporate or other trustee or
trustees such property, rights, powers and duties in trust as
the board may determine which may include any or all of the
rights, powers and duties of the trustee appointed by the
holders of securities, and limiting or abrogating the right of
the holders to appoint a trustee, or limiting the rights, duties
and powers of the trustee;
(xxv) The payment of costs or expenses incident to
the enforcement of the securities or of the provisions of the
resolution or of any covenant or contract with the holders of
the securities;
(xxvi) Events of default, rights and liabilities
arising therefrom, and the rights, liabilities, powers and
duties arising upon the breach by the board of any covenants,
conditions or obligations;
(xxvii) The terms and conditions upon which the
holders of the securities or any portion, percentage or amount
of them may enforce any covenants or provisions made under this
act or duties imposed thereby;
(xxviii) The terms and conditions upon which the
holders of the securities or of a specified portion, percentage
or amount thereof, or any trustee therefor, are 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 charges, and collect,
receive and apply all revenues thereafter arising therefrom in
the same manner as the board itself might do;
(xxix) A procedure by which the terms of any
resolution authorizing securities, or any other contract with
any holders of securities, including but not limited to an
indenture of trust or similar instrument, may be amended or
abrogated, and as to the amount of securities the holders of
which must consent thereto, and the manner in which consent may
be given;
(xxx) The terms and conditions upon which any or all
of the securities shall become or may be declared due before
maturity and as to the terms and conditions upon which the
declaration and its consequences may be waived; and
(xxxi) All acts and things as may be necessary or
convenient or desirable in order to secure the securities, or in
the discretion of the board tend to make the securities more
marketable, notwithstanding that the covenant, act or thing may
not be enumerated in this section, it being the intention hereof
to give the board power to do all things in the issuance of the
board's securities and for their security except as expressly
limited by this act.