§ 6009. Provisions of bonds, trusts, indentures and mortgages
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 64 Pa.C.S.A. Public Authorities and Quasi-Public CorporationsEffective: February 5, 2004
Effective: February 5, 2004
64 Pa.C.S.A. § 6009
§ 6009. Provisions of bonds, trusts, indentures and mortgages
In connection with the issuance of bonds or the incurring of obligations under leases and in order to secure the payment of the bonds and obligations, the authority, in addition to its other powers, shall have the power to:
(3) Covenant against pledging all or any part of its revenue, or against mortgaging all or any part of its real or personal property to which its right or title exists or may come into existence, or against permitting or suffering a lien on the revenue or property; covenant with respect to limitations on its right to sell, lease or otherwise dispose of any of its real property; and covenant as to what other or additional debts or obligations may be incurred by it.
(12) Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation and covenant and prescribe, in the event of default, as to terms and conditions upon which its bonds or obligations shall become or may be declared due before maturity and as to the terms and conditions upon which declaration and its consequences may be waived.
(13) Vest in a trustee 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; and vest in a trustee the right, in the event of a default by the authority, to take possession and use, operate and manage any real property and to collect the rent and revenue arising from the property and to dispose of the rent and revenue in accordance with the agreement of the authority with the trustee.
(16) Negotiate and enter into interest rate exchange agreements, interest rate cap, collar, corridor, ceiling and floor agreements, forward agreements, float agreements and other similar arrangements which, in the judgment of the authority, will assist the authority in managing the interest costs of the authority.
(17) Exercise all or any part or combination of the powers granted under this chapter or under the former provisions of the act of June 27, 1986 (P.L. 267, No. 70), known as the Pennsylvania Convention Center Authority Act, formerly codified at 53 Pa.C.S. Ch. 59 (relating to the Pennsylvania Convention Center Authority); make covenants other than and in addition to the covenants expressly authorized in this chapter; and make covenants and to do any and all such acts and things necessary or convenient or desirable to secure its bonds or, in the absolute discretion of the authority, as will tend to accomplish the purposes of this chapter by making the bonds more marketable or by managing the interest cost of the bonds, notwithstanding that the covenants, acts or things may not be specifically enumerated in this chapter.
Credits
2004, Feb. 5, P.L. 7, No. 3, § 2, effective Feb. 5, 2004.
64 Pa.C.S.A. § 6009, PA ST 64 Pa.C.S.A. § 6009
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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