PRP.7.3.020 Obligations

(a) The Housing Authority may issue obligations from time to time in its discretion for any of its purposes and may also issue refunding obligations for the purpose of paying or retiring obligations previously issued by it. The Housing Authority may issue such types of obligations as it may determine, including obligations on which the principal and interests are payable:

(1) Exclusively from the income and revenues of the project financed with the proceeds of such obligations, or with such income and revenues together with a grant from the Federal government in aid of such project;

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

(3) From its revenues generally.

Any of such obligations may be additionally secured by a pledge of any revenues of any project or other property of the Housing Authority. Neither the Board, the Authority, nor any person executing the obligations shall be liable personally on the obligations by reason of issuance thereof.

(b) The notes and other obligations of the Housing Authority shall not be a debt of the Tribe and the obligations shall so state on their face.

(c) Obligations of the Housing Authority are declared to be issued for an essential public and governmental purpose and to be public instrumentalities and, together with interest thereon and income therefrom, shall be exempt from taxes imposed by the Tribe. The tax exemption provisions of this ordinance shall be considered part of the security for the repayment of obligations and shall constitute, by virtue of this ordinance and without necessity of being restated in the obligations, a contract between:

(1) the Housing Authority and the Tribe, and

(2) the holders of obligations and each of them, including all transferees of the obligations from time to time.

(d) Obligations shall be issued and sold in the following manner:

(1) Obligations of the Housing Authority shall be authorized by a resolution adopted by the vote of a majority of the Tribal Governing Board and may be issued in one or more series.

(2) The obligations 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, be subject to such terms of redemption, with or without premium, as such resolution may provide.

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

(e) Obligations of the Housing Authority shall be fully negotiable. In any suit, action or proceeding involving the validity or enforceability of any obligation of the Housing Authority or the security therefor, any such obligation reciting in substance that it has been issued by the Housing Authority to aid in financing a project pursuant to this ordinance shall be conclusively deemed to have been planned, located and carried out in accordance with the purpose and provisions of this ordinance.

(f) In connection with the issuance of obligations or incurring of an obligation, under leases and to secure the payment of such obligations, the Housing Authority, subject to the limitations in this ordinance, may:

(1) Pledge all or any part of its gross or net rents, fees or revenues to which its rights then exists or may thereafter come into existence.

(2) Provide for the powers and duties of obligee and limit their liabilities; and provide the terms and conditions on which such obligees may enforce any covenant or rights securing or relating to the obligations.

(3) Covenant against pledging all or any part of its rents, fees and 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 project or any part thereof.

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

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

(7) Provide for the replacement of lost, destroyed or mutilated obligations.

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

(9) Redeem the obligations 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 project or projects 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 monies held for construction or operating costs, debt service, reserves or other purposes, and covenant as to the use and disposition of the monies held in such funds.

(12) Prescribe the procedure, if any, by which the terms of any contract with holders of obligations may be amended or abrogated, the proportion of outstanding obligations 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 monies.

(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 obligations 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 obligees or any proportion of them the right to enforce the payment of the obligations or any covenants securing or relating to the obligations.

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