Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 15905. Form and terms of revenue bonds

All revenue bonds shall contain a brief statement of the project revenues pledged as security therefor and the priority or priorities, if any, in the application of such revenues and shall contain a covenant of the city to pay from the pledged project revenues on the respective due dates the amounts required to pay the interest on and the principal of the bonds.

Revenue bonds may be issued in such denominations, in coupon form payable to bearer or registrable as to principal, or in fully registered form, with such provision for exchangeability or interchangeability;  shall bear such identifying designation or title (which shall include the word “revenue”);  shall be dated;  shall bear such rate or rates of interest, including supplemental contingent or variable interest, payable on such dates;  may be subject to such provisions for redemption in whole or in part or both, at such prices, at such times and places;  shall be stated to mature on such date or dates (not exceeding fifty years from the date of issue) in such amounts;  shall be payable as to principal or interest or both at such places by the city or by such paying agent or fiscal agent of the city;  may provide for the payment by the city of such tax or taxes on the bonds (but only out of the pledged project revenues);  may set forth such provisions for the establishment and maintenance of such reserves or special funds or make reference to provisions or covenants with respect thereto in the bond ordinance;  and may contain such other terms, provisions, statements or covenants, not inconsistent with this act, as the city may determine.  Pending the preparation of definitive bonds, temporary bonds or interim receipts may be issued in such form and containing such terms and such provisions for exchange for definitive bonds as the city may determine.  The determination of the foregoing forms, terms and provisions of such bonds may be made by the bond ordinance or other generally applicable ordinance of the city or may be made by such officer or officers of the city as may be designated for such purpose by the bond ordinance or other generally applicable ordinance of the city.