53 Pa. Stat. § 25686

Current through Pa Acts 2024-53, 2024-56 through 2024-95

Section 25686 - Security for bonds

Any city of the second class may enter into any deeds of trust, indentures or other agreements with any bank or trust company or other person or persons in the United States having power to enter into the same, including any Federal agency, as security for such bonds, and may assign and pledge all or any of the revenues or receipts of the waterworks thereunder. Such deed of trust, indenture or other agreement may contain such provisions as may be customary in such instruments or as the city may authorize, including (but without limitation) provisions as to--

(1) the construction, improvement, operation, maintenance, and repair of the waterworks and the duties of the city with reference thereto,

(2) the application of funds and the safeguarding of funds on hand or on deposit,

(3) the rights and remedies of said trustee and the holders of the bonds (which may include restrictions upon the individual right of action of such bondholders), and

(4) the terms and provisions of the bonds or the resolutions authorizing the issuance of the same.

53 P.S. § 25686

1937, July 1, P.L. 2631, § 6.