§ 2-269. Revenue bonds; payment pledge; trust.

(a)

In addition to the authority conferred by Section 2-268 the County shall issue revenue bonds to finance the undertaking of any urban renewal project and related activities. It shall issue refunding bonds for the payment or retirement of such bonds previously issued by it. Such bonds shall be made payable, as to both principal and interest, solely from the income, proceeds, revenues, and funds of the County derived from or held in connection with its undertaking and carrying out of urban renewal projects under this Division.

(b)

Payment of such bonds, both as to principal and interest, may be further secured by a pledge of any loan, grant, or contribution from the Federal Government or other source, in aid of any urban renewal projects of the County under this Division, and by a mortgage of any such urban renewal projects, or any part thereof, title to which is in the County.

(c)

In addition, the County may enter into an indenture of trust with any private banking institution of this State having trust powers and may make in such indenture of trust such covenants and commitments as may be required by any purchaser for the adequate security of the bonds.

(Laws 1963, ch. 778, Sec. 10; PLL 1963, Sec. 18-21)