Bonds—Covenants with bondholders.
Riverside Municipal Code § 2.51.130
in effect2.51.130 - Bonds—Covenants with bondholders.
Any resolution authorizing any bonds or any issue of bonds, or any indenture or other instrument authorized by such resolution to be entered into by the Authority, may contain provisions respecting any of the following terms and conditions which shall be a part of the contract with the holders of such bonds:
A. The terms, conditions and form of such bonds and the interest, premium if any, and principal to be paid thereon;
B. Limitations on the uses and purposes to which the proceeds of sale of such bonds may be applied, and the pledge or assignment of such proceeds to secure the payment of such bonds;
C. Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding bonds;
D. The setting aside of reserves, sinking funds and such other funds as are necessary and the source, custody, investment, security, regulation, application and disposition thereof;
E. The pledge or assignment of all or any part of the revenues and the use and disposition thereof, subject to such agreements with the holders of bonds as may then be outstanding;
F. Specification of the acts or omissions to act which shall constitute a default in the duties of the authority or a person to holders of such bonds, and providing the rights and remedies of such holders in the event of default, including any limitations on the right of action by individual bondholders;
G. The appointment of a trustee or trustees, fiscal or escrow agent or agents to act on behalf of the Authority and the holders of its bonds, the pledge or assignment of loans, deeds of trust, mortgages and any other contracts to such trustee or agent, and the vesting of rights, duties and powers in such trustee or agent;
H. The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of such bonds the holders of which must consent thereto, and the manner in which such consent may be given;
I. The custody, security, use, expenditure, investment or application of the proceeds of bonds;
J. The use, regulation, operation, maintenance, insurance or disposition of all or any part of any project;
K. Payment of the principal of and interest on the bonds, the sources and methods of payment thereof, the rank or priority of any such bonds as to any lien or security, or the acceleration of the maturity of any such bonds;
L. The use and disposition of any moneys of the Authority, including all revenues or other moneys derived or to be derived from any project;
M. Mortgaging, pledging, assigning or depositing all or any part of the revenues or other moneys of the Authority or all or any part of a project to secure the payment of the principal of and interest on the bonds and the powers and duties of any trustee or agent with regard thereto;
N. The rents, fees or other charges for the use of any project, including any parts thereof theretofore constructed or acquired and any parts, replacements or improvements thereof thereafter constructed or acquired, and the fixing, establishment, collection and enforcement of the same; and
O. Any other provisions which the Authority may deem reasonable and proper for the purposes of this chapter and the security of the bondholders.
All such provisions of any resolution, indenture or other instrument shall constitute valid and legally binding contracts between the Authority and the several holders of the bonds, regardless of the time of issuance of such bonds.
(Ord. 4976 § 3(f), 1981)
Source: City of Riverside, California, Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/ca/riverside/codes/code_of_ordinances?nodeId=PTIICOOR_TIT2ADPE_CH2.51ECDEAU_2.51.130BOOVBOFetched: 11/1/2026