Section 10. Mortgaging property  


Latest version.
  • If the funds of the corporation shall not
      be sufficient to pay for any real property purchased  by  the  board  of
      trustees  in  pursuance  of  law,  or  for  the  construction, repair or
      rebuilding of a suitable building or buildings,  and  the  finishing  or
      furnishing  of  apartments therefor, the corporation may issue its bonds
      bearing interest, semi-annually, for  such  additional  sum  as  may  be
      required  therefor,  and may execute to any such trustee or trustees, as
      the board may select, a mortgage upon its real property as security  for
      the  payment of such bonds or the corporation may borrow such additional
      sum as may be required therefor of any person or corporation and execute
      and deliver its bond for the moneys so borrowed and secure  the  payment
      thereof  by  mortgage  upon its real property as collateral thereto. The
      proceeds of such bonds or such bond and mortgage shall be applied to the
      payment of debts of the corporation incurred by  the  purchase  of  such
      real property, or the construction and repair of a building or buildings
      thereupon  or  the finishing or furnishing of apartments therein. Any of
      the bodies specified in section seven may invest its funds in the  bonds
      authorized  by  this  section  to be issued. Such corporation shall have
      authority also to borrow of any person or corporation such sum as in the
      judgment of its board of trustees may be required to pay the cost of the
      construction, repair, rebuilding or reconstruction of any such  building
      or buildings, and the finishing or furnishing of apartments therein, and
      to  secure  the  payment  of  any moneys so borrowed, and to execute and
      deliver its bond for the sum so borrowed, and to secure the  payment  of
      the same by mortgage upon its real property as collateral thereto.