Arizona Revised Statutes Title 36. Public Health and Safety § 36-1482. Power of municipality to provide additional security for bonds

1. Prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which shall consent thereto and the manner in which such consent may be given.

2. Vest in any obligees the right to enforce the payment of such bonds or any covenants securing or relating to the bonds.

3. Vest in any obligee or obligees holding a specified amount in such bonds the right, in the event of a default, to take possession of and use, operate and manage any redevelopment project or any part thereof, title to which is in the municipality, or any funds connected therewith, and to collect the rents and revenues arising therefrom and to dispose of such monies in accordance with the agreement of the municipality with such obligees.

4. Provide for the powers and duties of such obligees and limit the liabilities thereof.

5. Provide the terms and conditions upon which such obligees may enforce any covenant or rights securing or relating to the bonds.

6. Exercise all or any part or combination of the powers granted by this subsection.

7. Make such covenants and do any and all such acts and things necessary, convenient or desirable in order to secure its bonds, or, in the absolute discretion of the municipality, as will tend to make the bonds more marketable even if such covenants, acts or things are not enumerated in this section.

1. To require the municipality and the officials, agents and employees thereof to account as if it and they were the trustees of an express trust, and

2. To obtain the appointment of a receiver of any redevelopment project of the municipality or any part thereof, title to which is in the municipality, and of the rents and profits therefrom.