OCR Text |
Show 166 INTERSTATE COMPACTS ers of which must consent thereto, and the manner in which such consent may be given; " (10) to covenant as to the maintenance of its real and personal property, the replacement thereof, the insurance to be carried thereon, and the use and disposition of insurance moneys; "(11) to provide for the rights and liabilities, powers and du- ties arising upon the breach of any covenant, condition or obli- gation ; to prescribe the events of default and the terms and con- ditions upon which any or all of the bonds shall become or may be declared due and payable before maturity and the terms and conditions upon which any such declaration and its consequences may be waived; " (12) to vest in a trustee or trustees such property, rights, pow- ers and duties in trust for the bondholders, as the Commission may determine, which may include any or all of the rights, pow- ers, and duties of the statutory trustee appointed by the holders of bonds pursuant to sub-paragraph (a) of paragraph 2 of this Article; to limit or abrogate the rights of the holders of such bonds to appoint such statutory trustee, or to limit the rights, duties, and powers of such statutory trustee; "(13) to limit the rights of the bondholders to enforce any pledge or covenant securing the bonds; and "(14) to make covenants other than and in addition to the cov- enants herein expressly authorized, of like or different character; and to make such covenants to do or refrain from doing such acts and things as may be necessary or convenient or desirable in order to better secure the bonds or which, in the absolute dis- cretion of the Commission, will tend to make the bonds more marketable, notwithstanding that such covenants, acts or things may not be enumerated herein. "(h) Any pledge of revenues or other moneys made by the Com- mission shall be valid and binding from the time when the pledge is made; the revenues or other moneys so pledged and thereafter received by the Commission shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Commission, irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the rec- ords of the Commission. "(i) Bonds may be issued under the provisions of this compact without obtaining the consent of any department, division, commis- sion, board, bureau, or agency of any of the signatory States, and without any other proceedings or the happening of any other condi- tions or things than those proceedings, conditions or things which are specifically required by this compact. "(j) The Commission shall not have power to mortgage real property. " (k) Moneys of the Commission or moneys held in pledge or other- wise for the payment of bonds or in any way to secure bonds and the deposits of such moneys may be secured in such manner as the Com- |