indenture may provide for the payment of the principal and interest of bonds at one or more places in the Territory or in the United States and in any specified coin or currency of the United States.
SOURCE: §53607.11 GC, as added by P.L. 11-18; amended by P.L. 15-147.

§ 66113. Covenants and Agreements That May be Contained in
Indenture.
An indenture may include any and all such covenants and agree- ments on the part of Authority as are authorized by this Chapter or as the Board deems necessary or advisable for the better security of the bonds issued thereunder, including, without limiting the generality of the foregoing, any one or more of the following provisions:

(a) That payments of principal and interest of bonds shall be secured by all or by part of revenue;
(b) Creating one or more funds or accounts into which all or any part of the revenue shall be deposited (i) for payment of the principal of and interest on bonds at or prior to maturity, or (ii) for reserve or sinking funds for the further security of bonds. All moneys in any such fund or account shall be paid out by the trustee to pay the principal of and interest and premiums on the bonds when due or when redeemed or purchased prior to maturity, as provided in any indenture.

(c) Requiring the Authority to cause to be paid punctually the principal of an interest and premiums on the bonds on their due dates from funds in the account or accounts provided therefore.

(d) Requiring the Board to preserve and protect the security of the bonds and the rights of the holders thereof and to warrant and defend such rights.

(e) Requiring the Board and the trustee to hold or cause to be held in trust the revenues or any part of revenues pledged to the payment of such bonds and the interest and premiums thereon, and any fund or account created therefor, and to apply and cause to be applied such revenues or any part of revenues only as provided in the indenture.

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(f) To invest all or any part of such revenues pending such application in such securities and subject to such limitations as are specified in the indenture.

(g) Against entering into any agreement which would impair the security of the bonds, the revenues or the mortgages or other contract obligations acquired by it and from which the revenues are derived.

(h) Against mortgaging or otherwise encumbering, selling, leasing, pledging, placing a charge upon or disposing of any of the revenues, mortgages or contract obligations from which the revenues are derived, detrimental to the security of the bonds.
(i) Specifying the events of default and the terms and conditions upon which any or all of the bonds may be declared due and payable prior to maturity, and the terms and conditions upon which such declaration and its consequences may be waived.

(j) For the rights, liabilities, powers and duties arising upon the
Agency’s breach of any covenants, conditions or obligations.
(k) For vesting in the trustee the right to or duty to enforce covenants to secure payment of or in relation to the bonds and the trustees powers, duties and limitations of its liabilities, and for the conditions upon and manner in which a substitute trustee may be appointed.
(l) For the terms upon which the bondholders or a percentage of them may enforce covenants and duties prescribed in the indenture and this Chapter.
(m) The procedure by which the terms and conditions of the indenture or the bonds may be subsequently amended or modified with the consent of the Board, subject to the approval of the Governor, and the vote or written consent of the holders of a specified principal amount or specified proportion of the bonds issued and outstanding, including provisions for meetings of bondholders and for the manner in which the consent of the bondholders may be given.

(n) The effect of any modification or amendment upon the rights of the holders of all or a specified portion of any outstanding

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bonds and interest coupons pertaining thereto, whether attached thereto or detached therefrom.
(o) With respect to a modification or amendment of an indenture that bonds held by the Authority, the Territory, the United States or any instrumentality of either thereof (including every public corporation, political subdivision, city, county, district, board, agency or instrumentality of any kind or class) shall not be counted as outstanding bonds, or be entitled to vote or assent, but shall, nevertheless, be subject to any such modification or amendment.

(p) For the purchase out of any available funds of any outstanding bonds or other obligations, and the price at and manner in which the purchase may be made.

(q) That the Governor and the Director of Revenue and Taxation and all other officers and agencies of the Territory shall (i) be bound by all of the covenants and agreements on the part of the Board set forth in such indenture, and (ii) perform all such cove- nants and agreements which, under the Organic Act or any provision of this Division or any other statute of the Territory, can be taken for or on behalf or in lieu of the Board only by the Governor and the Director of Revenue and Taxation or such other officer or agency.

(r) Capitalizing any working capital fund or interest or account or contingency fund or account.
(s) Provision for the refunding of all or any bonds authorized by such indenture, subject to the provisions and limitations as herein described.

(t) Such other acts and matters as may be necessary or convenient or desirable in order to better secure the bonds or to make the bonds more marketable.

SOURCE: GC §53607.12, as added by P.L. 11-18; Subsections (b) and (c)
amended by P.L. 15-147.