Authorizing resolution

The authorizing resolution may contain any of the terms, covenants, and conditions that are deemed desirable by the board including, without limitation, those pertaining to: (1) The maintenance of various funds and reserves; (2) The nature and extent of the security; (3) The issuance of additional bonds and the nature of the lien and pledge, parity or priority, in that event; (4) The custody and application of the proceeds of the bonds; (5) The collection and disposition of revenues; (6) The investing and reinvesting in securities specified by the board of any moneys during the periods not needed for authorized purposes; and (7) The rights, duties, and obligations of the district, the board, and of the holders and of the registered owners of the bonds. Acts 1975, No. 746, § 11; 1981, No. 425, § 32; A.S.A. 1947, § 20-1811. The authorizing resolution may contain any of the terms, covenants, and conditions that are deemed desirable by the board including, without limitation, those pertaining to: (1) The maintenance of various funds and reserves; (2) The nature and extent of the security; (3) The issuance of additional bonds and the nature of the lien and pledge, parity or priority, in that event; (4) The custody and application of the proceeds of the bonds; (5) The collection and disposition of revenues; (6) The investing and reinvesting in securities specified by the board of any moneys during the periods not needed for authorized purposes; and (7) The rights, duties, and obligations of the district, the board, and of the holders and of the registered owners of the bonds. Acts 1975, No. 746, § 11; 1981, No. 425, § 32; A.S.A. 1947, § 20-1811.