§ 2-16-112. Covenants and resolutions authorizing issuance of bonds.

Any resolution or resolutions authorizing the issuance of bonds under this article may contain covenants as to:

(a)

The purpose or purposes to which the proceeds of sale of the bonds may be applied, and the securing, use and disposition thereof including, if deemed desirable, the appointment of a trustee or depositary for the bonds.

(b)

The use and disposition of the revenues derived from the county solid waste system or any special assessments levied therefor, including the parts thereof heretofore or hereafter constructed or acquired, and the creation and maintenance of reserve funds including the disposition of surplus revenues.

(c)

The pledging of all or any part of the gross revenues derived from the ownership, operation or control of the county solid waste system or any special assessments levied therefor, including any part thereof heretofore or hereafter constructed or acquired, or derived from any other sources, to the payment of the principal of and interest on bonds issued pursuant to this article, and for such reserve, if any, and other funds as may be deemed necessary or desirable.

(d)

The fixing, establishing and collecting of such fees, rentals or other charges for the use for the services and facilities heretofore or hereafter constructed or acquired, and the revision of same from time to time, as will always provide revenues at least sufficient to provide for all expenses of operation, maintenance and repair of the county solid waste system, the payment of the principal of and interest on all bonds payable from the revenues of the county solid waste system, all reserve and other funds required by the terms of the resolution or resolutions authorizing the issuance of the bonds and for such other valid public purposes of the county.

(e)

The transfer from the general funds of the county to the account or accounts of the county solid waste system of an amount equal to the cost of furnishing the county, or any of its departments, boards or agencies with the services and facilities of the county solid waste system.

(f)

Limitations or restrictions upon the issuance of additional bonds or other obligations payable from the revenues of the county solid waste system, or from the special assessments.

(g)

The procedure, if any, by which the terms of any covenant with the holder or holders of bonds issued pursuant to this article may be amended, abrogated or altered.

(h)

The rank or priority, as to lien and source of security for payment from the revenues of the county solid waste system, including the parts theretofore or thereafter acquired or constructed, between bonds issued pursuant to this article or thereafter issued.

(i)

The appointment of a trustee or receiver to hold and apply any revenues or special assessments derived from the county solid waste system.

(j)

The appointment of a trustee or receiver to act for and in behalf of bondholders, and the manner and terms of such appointment and the powers of such trustee or receiver.

(k)

The amount and manner of payment, if any, from the revenues of the county solid waste system to the general fund of the county in lieu of taxes which would otherwise be paid to the county, if such county solid waste system were privately owned and operated, and the rank and priority between such payments in lieu of taxes, if any, and other payments for the maintenance and operation of the county solid waste system, debt service and reserve or other funds required to be made pursuant to covenants with the holders of bonds issued pursuant to this article.

(l)

Budgets for the annual operation, maintenance and repair of the county solid waste system, and restrictions and limitations upon expenditure for such purposes, and the manner of adoption, modification, repeal or amendment thereof.

(m)

The amounts of insurance to be maintained upon the county solid waste system, or any part thereof, and the use and disposition of the proceeds of any insurance.

(n)

The keeping of books of account relating to the county solid waste system, and the audit and inspection thereof.

(o)

Limitations upon the number or percentage of bondholders which may be required, and the manner of filing evidence of such number or percentage for the appointment of a trustee or receiver for the county solid waste system.

(p)

Limitations or restrictions on the right of the county to sell, mortgage, dispose of, lease, or otherwise encumber the county solid waste system or any part thereof.

(q)

The methods and means for the enforcement and collection of fees, rentals or other charges for the services and facilities of the county solid waste system, and rules and regulations, including reasonable penalties, for such enforcement and collection.

(r)

Such other and additional covenants as shall be deemed necessary or desirable for the security of the holders of the bonds issued pursuant to this article and such resolution or resolutions.

All such covenants and agreements shall constitute valid and binding contracts between the county and the holders of any of the bonds issued pursuant to such resolution or resolutions, regardless of the time of issuance thereof, and, subject to any limitations contained in such resolution or resolutions, shall be enforceable by any holder or holders of such bonds, acting either for himself or themselves alone, or acting in behalf of all other holders of such bonds, by appropriate proceedings in any court or competent jurisdiction.

(Ord. No. 91-26, Art. II, § 2, 1-15-91; Ord. No. 16-45 , § 48, 11-15-16)