Section 60. Bond covenants

1. In connection with the issuance of bonds or
  the incurring of an obligation, and to secure the payment of such  bonds
  or  obligations,  the  Utica transit authority, in addition to its other
  powers, may:
    (a) Pledge, covenant to pledge or covenant against  pledging,  all  or
  any  part  of its rents, fares, fees, revenues, subsidies, gifts, grants
  or other moneys received or to be  received  to  which  its  right  then
  exists   or   may  thereafter  come  into  existence;  covenant  against
  permitting or suffering any lien thereon; it  is  the  intention  hereof
  that  any  pledge  of revenues or other moneys made by the Utica transit
  authority shall be valid and binding from the time when  the  pledge  is
  made,  that  revenues or other moneys so pledged and thereafter received
  by the Utica transit authority shall immediately be subject to the  lien
  of  such pledge without any physical delivery thereof or further act and
  that the lien of any such pledge shall be valid and binding  as  against
  all  parties  having  claims  of any kind in tort, contract or otherwise
  against the  Utica  transit  authority,  irrespective  of  whether  such
  parties have notice thereof;
    (b) Mortgage, covenant to mortgage or covenant against mortgaging, all
  or  any part of its property, real or personal, then owned or thereafter
  acquired; covenant against permitting or suffering any lien thereon;
    (c) Covenant with respect to limitations on its right to sell,  lease,
  or otherwise dispose of any municipal project or part thereof;
    (d)  Covenant  as  to the bonds to be issued and as to the issuance of
  such bonds in escrow or otherwise, and as to the use and disposition  of
  the  proceeds thereof; provide for the replacement of lost, destroyed or
  mutilated bonds;
    (e) Covenant as to what other or additional debts may be  incurred  by
  it;
    (f)  Covenant  that  the Utica transit authority warrants the title to
  the premises;
    (g) Covenant as to the rents, fares and fees to be charged, the amount
  to be raised each year or other period of time by rents, fares, fees and
  other revenues, and as to the use and disposition to be made thereof;
    (h) Covenant as to the use of any or all  of  its  property,  real  or
  personal;
    (i)  Create or authorize the creation of special funds segregating (1)
  the proceeds of any grants, subsidies  or  contributions;  (2)  all  the
  rents,  fares,  fees  and revenues of any municipal project or projects;
  (3) any moneys held for the  payment  of  the  costs  of  operation  and
  maintenance  of  municipal  projects, or as a reserve for the meeting of
  contingencies in the operation and maintenance thereof; (4)  any  moneys
  held  for  the  payment of the principal of and interest on its bonds or
  the sums due under its leases or as a reserve for such payments; and (5)
  any moneys held for any other reserves or contingencies; and covenant as
  to the use and disposal of the moneys held in such funds;
    (j) Redeem the bonds and covenant for their  redemption,  and  provide
  the terms and conditions thereof;
    (k)  Covenant  against extending the time for the payment of its bonds
  or interest thereon;
    (l) 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 must consent thereto, and the manner in which
  such consent may be given;
    (m) Covenant as to the maintenance of its  property,  the  replacement
  thereof,   the  insurance  to  be  carried  thereon,  and  the  use  and
  disposition of insurance moneys;

    (n) Vest in an obligee, in the event of a default by the Utica transit
  authority the right to cure any such default and to advance  any  moneys
  necessary  for  such purpose, and covenant that the money so advanced by
  an additional obligation of such authority with such interest,  security
  and  priority  as  may  be provided in any resolutions, trust indenture,
  mortgage, lease or contract;
    (o) Covenant and prescribe as to the events of default and  terms  and
  conditions  upon  which  any  or all of its bonds shall 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;
    (p)  Covenant as to the rights, liabilities, powers and duties arising
  upon the breach by it of any covenant, condition or obligation;
    (q) Covenant  to  surrender  possession  of  a  municipal  project  or
  projects or parts thereof upon the happening of an event of default; and
  vest  in  an  obligee  the  right,  upon  such default, without judicial
  proceedings, to take possession and use, operate,  manage,  and  control
  such  projects  or  any  part thereof, and to collect and receive rents,
  fares, fees and revenues arising therefrom in the same  manner  as  such
  authority  itself  might  do,  and to dispose of the moneys collected in
  accordance with the agreement of such obligee  with  the  Utica  transit
  authority;
    (r) Vest in a trustee or trustees the right to enforce any covenant to
  secure,  or  pay the bonds, or otherwise relating to such bonds; provide
  for the powers, duties and limitations of liabilities of such trustee or
  trustees, or the holders of  bonds,  or  any  proportion  of  them,  may
  enforce any such covenant;
    (s)  Vest  in  a  trustee  or  in  other  obligee  the right, upon any
  happening  of  an  event  of  default,  to  foreclose  through  judicial
  proceedings  or through the exercise of a power of sale without judicial
  proceedings, any mortgage as to  all  or  such  part  or  parts  of  the
  property  covered  thereby as such trustee or other obligee shall elect;
  the institution, prosecution and  conclusion  of  any  such  foreclosure
  proceedings  or  the  sale  of  any such parts of the mortgaged property
  shall not affect in any manner or to any extent the lien of the mortgage
  on the parts of the mortgaged property not included in such  proceedings
  or not sold as aforesaid;
    (t)  Make such other covenants and do any and all such acts and things
  as may be necessary or convenient or desirable in order  to  secure  its
  bonds   or  make  them  more  marketable,  not  withstanding  that  such
  covenants, acts or things may not  be  enumerated  herein;  execute  all
  instruments necessary or convenient in the exercise of the powers herein
  granted,  or  in  the  performance of its covenants or duties, which may
  contain such covenants  and  provisions,  in  addition  to  those  above
  specified, as the purchaser of the bonds of an authority may require.
    2.  In  case  of conflict between this section and article nine of the
  uniform commercial code, this section shall control.