15.1.8.080 Obligations

(a) Issuance. The Authority may issue an Obligation for any of its purposes and may also issue refunding an Obligation for the purpose of paying or retiring an Obligation previously issued by it. The Authority may issue any type of Obligation, including an Obligation on which the principal and interest are payable:

(1) Exclusively from the income and revenues of the Housing project financed with the proceeds of an Obligation, or with such income or revenues together with a grant from HUD or other federal agency in aid of the Housing project;

(2) Exclusively from the income and revenues of certain designated Housing projects whether or not they were financed in whole or in part with the proceeds of an Obligation;

(3) From its revenues generally. Any Obligation may be additionally secured by a pledge of any revenues of any Housing project or other property of the Authority.

(b) No Personal liability. The members of the Board or any person executing the Obligation on behalf of the Authority shall not be liable personally on the Obligation by reason of issuance thereof.

(c) Separate obligations. The obligations of the Authority shall not be a debt of the Pueblo and the Obligation shall so state on its face.

(d) Manner of issuance. The Obligation of the Authority shall be issued and sold only in the following manner:

(1) The Board shall by resolution authorize any Obligation by the vote of a majority of the full Board and the Obligation may be issued in one or more series.

(2) The Obligation shall bear such dates, mature at such times, bear interest at such rates, be in such denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment and at such places, and be subject to such terms of redemption, with or without premium, as the resolution of the Board may provide.

(3) The Obligation may be sold at a public or private sale at not less than par value.

(4) If any Board member or other official, agent or employee of the Authority whose signature appears on any Obligation ceases to be a Board member or other official, agent or employee of the Authority before the delivery of the Obligation, then the signature shall nevertheless be valid and sufficient for all purposes, the same as if they had remained in office or employment until delivery.

(e) Negotiable obligations. Any Obligation of the Authority shall be fully negotiable.

(f) Terms and conditions of obligations. In connection with the issuance of an Obligation or incurring of an Obligation under leases and to secure the payment of the Obligation, the Authority, subject to the limitations in this Act, may:

(1) Pledge all or any part of its revenues to which its right then exists or may thereafter come into existence.

(2) Provide for the powers and duties of any Obligee and limit their liabilities, and provide the terms and condition on which the Obligee may enforce any covenants or rights securing or relating to the Obligation.

(3) Covenant against pledging all or any part of its revenues, or against mortgaging any or all of its real or personal property to which its title or right then exists or may thereafter come into existence, or permitting or suffering any lien on such revenues or property.

(4) Covenant with respect to limitations on its right to sell, lease or otherwise dispose of any Housing project.

(5) Covenant as to what other or additional debts or Obligation may be incurred by it.

(6) Covenant as to the Obligation to be issued and as to the issuance of the Obligations in escrow or otherwise, and as to the use and disposition of the proceeds thereof.

(7) Provide for the replacement of any lost, destroyed or mutilated document evidencing an Obligation.

(8) Covenant against extending the time for the payment of its Obligation or interest thereon.

(9) Redeem any Obligation and covenant for their redemption and provide the terms and conditions thereof.

(10) Covenant concerning the rents and fees to be charged in the Operation of a Housing project, the amount to be raised each year or other period of time by rents, fees and other revenues, and as to the use and disposition to be made thereof.

(11) Create or authorize the creation of special funds for moneys held for construction or operating costs, debt service, reserves or other purposes, and covenant as to the use and disposition of the moneys held in such funds.

(12) Prescribe the procedure, if any, by which the terms of any contract with holders of an Obligation may be amended or abrogated, the proportion of outstanding Obligation the holders of which must consent thereto, and the manner in which such consent may be given.

(13) Covenant as to the use, maintenance and replacement of its real or personal property, the insurance to be carried thereon and the use and disposition of insurance moneys.

(14) Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or Obligation.

(15) Covenant and prescribe as to events of default and terms and conditions upon which any or all of its Obligation 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.

(16) Vest in any Obligation or any proportion of them the right to enforce the payment of the Obligation or any covenants securing or relating to the Obligation.

(17) Exercise all or any part or combination of the powers granted in this section.

(18) Make covenants other than and in addition to the covenants expressly authorized in this section of like or different character.

(19) Make any covenants and do any acts and things necessary or convenient or desirable in order to secure its Obligation, or in the absolute discretion of the Authority, tending to make the Obligation more marketable although the covenants, acts or things are not enumerated in this section.