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Title VII CITIES, TOWNS AND VILLAGES

  Chapter 91back to chapter 91

  91.710.  Ordinance or resolution — may contain what. — Any ordinance or resolution authorizing the issuance of bonds under sections 91.620 to 91.770, to finance in whole or in part the acquisition, construction, reconstruction, improvement, betterment or extension of an undertaking, may contain covenants (notwithstanding that such covenants may limit the exercise of powers conferred by sections 91.620 to 91.770) as to:

  (1)  The rates, fees, tolls, or charges to be charged for the services, facilities and commodities of said undertaking;

  (2)  The use and disposition of the revenue of said undertaking;

  (3)  The creation and maintenance of reserves or sinking funds and the regulation, use and disposition thereof;

  (4)  The purpose or purposes to which the proceeds of the sale of said bonds may be applied and the use and disposition of such proceeds;

  (5)  Events of default and the rights and liabilities arising thereupon, and the terms and conditions upon which bonds issued under sections 91.620 to 91.770 shall become or may be declared due before maturity, and the terms and conditions upon which such declaration and its consequences may be waived;

  (6)  A fair and reasonable payment by the municipality to the account of said undertaking for the services, facilities or commodities furnished said municipality or any of its departments by said undertaking;

  (7)  The issuance of other or additional bonds or instruments payable from or constituting a charge against the revenue of such undertaking;

  (8)  The insurance to be carried thereon and the use and disposition of insurance moneys;

  (9)  Books of account and the inspection and audit thereof;

  (10)  Events of default and terms and conditions upon which any or all of the bonds 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;

  (11)  The rights, liabilities, powers and duties arising upon the breach by it of any covenants, conditions or obligations;

  (12)  The vesting in a trustee or trustees the rights to enforce any covenants made to secure, to pay, or in relation to the bonds, as to the powers and duties of such trustee or trustees, and the limitation of liabilities thereof, and as to the terms and conditions upon which the holders of the bonds or any proportion or percentage of them may enforce any covenants made under sections 91.620 to 91.770 or duties imposed hereby;

  (13)  A procedure by which the terms of any resolution authorizing bonds, or any other contract with bondholders, including but not limited to an indenture of trust or similar instrument, may be amended or abrogated and as to the amount of bonds the holders of which must consent thereto and the manner in which such consent may be given.

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(L. 1941 p. 493 § 9)


< end of effective 28 Aug 1941 >

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