HARRY HUGHES, Governor                               1905

[(h)] (8) 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)] (9) To vest in a trustee or trustees or the
holders of bonds or any proportion of them the right to
enforce the payment of the bonds or any covenants 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 provide 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.

[(j)] (10) To exercise all or any part or combination
of the powers herein granted; to make covenants other than
and in addition to the covenants herein expressly
authorized, of like or different character; to make such
covenants and to 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 authority,
as will tend to make the bonds more marketable
notwithstanding that such covenants, acts or things may not
be enumerated herein.

(B) ANY PLEDGE MADE BY AN AUTHORITY IS VALID AND
BINDING FROM THE TIME THE PLEDGE IS MADE. THE LIEN OF THE
PLEDGE ATTACHES IMMEDIATELY TO REVENUES OR PROPERTY PLEDGED
AND THEREAFTER RECEIVED BY AN AUTHORITY, WITHOUT ANY
PHYSICAL DELIVERY OR FURTHER ACT. THE LIEN IS VALID AND
BINDING AGAINST ALL PERSONS HAVING CLAIMS OF ANY KIND
AGAINST THE AUTHORITY, IRRESPECTIVE OF WHETHER THOSE PERSONS
HAVE NOTICE OF THE PLEDGE, AND WITHOUT RECORDING OR FILING
THE DETERMINATION, OR ANY OTHER INSTRUMENT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 12, 1981.

CHAPTER 461