1974 , ARTICLE 44A

1937, ch. 517, sec. 16.

16. In connection with the issuance of bonds or the incurring of obliga-
tions under leases and in order to secure the payment of such bonds or
obligations, an authority, in addition to its other powers, shall have power:

(a) To pledge all or any part of its gross or net rents, fees or revenues
to which its right then exists or may thereafter come in to existence.

(b) To mortgage all or any part of its real or personal property, then
owned or thereafter acquired.

(c) To covenant against pledging all or any part of its rents, fees and
revenues, or against mortgaging all or any part of its real or personal prop-
erty, 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; to covenant with respect to limitations on its right to sell, lease
or otherwise dispose of any housing project or any part thereof; and to
covenant as to what other, or additional debts or obligations may be in-
curred by it.

(d) To 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; to provide for the replacement of lost, destroyed or
mutilated bonds; to covenant against extending the time for the payment
of its bonds or interest thereon; and to redeem the bonds, and to covenant
for their redemption and to provide the terms and conditions thereof.

(e) To covenant (subject to the limitations contained in this Article)
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 as to the use and disposition to be made
thereof; to create or to authorize the creation of special funds for moneys
held for construction or operating costs, debt service reserves, or other i pur-
poses, and to covenant as to the use and disposition of the moneys held in
such funds.

(f) To prescribe the procedure, if any, by which the terms of any con-
tracts with bond holders may be amended or abrogated, the amount of
bonds the holders of which must consent thereto and the manner in which
such consent may be given.

(g) To covenant as to the use of any or all of its real or.personal prop-
erty, the replacement thereof, the insurance to be carried thereon and the
use and disposition of insurance moneys.

(h) To covenant as to the rights, liabilities, powers and duties arising
upon the breach by it of any covenant, condition, or obligation; and to
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) To vest in a trustee or trustees or the holders of bonds or' any pro-
portion of them the right to enforce the payment of the bonds or any cove-
nants securing or relating to the bonds; to vest in a trustee or trustees the
right, in the event of a default by said authority, to take possession and use,
operate and manage any housing project or part thereof, and to collect the
rents and revenues arising therefrom and to dispose of such moneys in
accordance with the agreement of the authority with said trustee; to pro-
vide for the powers and duties of a trustee or trustees and to limit the
liabilities thereof; and to provide the terms and conditions upon which the
trustee or trustees or the holders of bonds or any proportion of them may
enforce any covenant or rights securing or relating to the bonds.