Provisions of bonds, trusts, indentures and mortgages - 64 Pa. Cons. Stat. § 6009

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     § 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:
            (1)  Pledge all or any part of its gross or net revenue
        to which its right then exists or may thereafter come into
        existence.
            (2)  Mortgage all or any part of its real or personal
        property then owned or thereafter acquired.
            (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.
            (4)  Covenant as to the bonds to be issued and as to the
        issuance of the bonds, in escrow or otherwise, and as to the
        use and disposition of the proceeds of the bonds.
            (5)  Provide for the replacement of lost, destroyed or
        mutilated bonds.
            (6)  Covenant against extending the time for the payment
        of its bonds or interest on the bonds, redeem the bonds and
        covenant for their redemption, and provide the terms and
        conditions of the bonds.
            (7)  Covenant as to the amount of revenue to be raised
        each year or other period of time by the authority as well as
        to the use and disposition to be made of the revenue.
            (8)  Create or authorize the creation of special funds
        for debt service or other purposes and to covenant as to the
        use and disposition of the money held in the special funds.
            (9)  Prescribe the amount of bonds.
            (10)  Prescribe the procedure, if any, by which the terms
        of a contract with bondholders may be amended or abrogated,
        the percentage of bonds the consent of the holders of which
        is required for amendment or abrogation and the manner in
        which consent of bondholders may be obtained.
            (11)  Covenant as to the use of any or all of its real or
        personal property, warrant its title and covenant as to the
        maintenance of its real and personal property, the
        replacement of the property, the insurance to be carried on
        the property and the use and disposition of insurance money.
            (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.
            (14)  Provide for the powers and duties of a trustee;
        limit liabilities of the trustee; and provide the terms and
        conditions upon which the trustee or the holders of bonds, or
        any proportion of them, may enforce any covenant or rights
        securing or relating to the bonds.
            (15)  Obtain letters of credit and bond insurance.
            (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.

Last modified: November 27, 2007