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(a) Bonds shall be authorized by resolution of the Secretary of the Department of Parks, Heritage, and Tourism.
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(b) The authorizing resolution may contain or may provide for the execution of a trust indenture which may contain any other terms, covenants, and conditions that are deemed desirable by the secretary, including, without limitation, those pertaining to:
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(1) The maintenance of various funds and reserves;
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(2) The nature and extent of revenue pledges and security;
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(3) The conditions precedent to the issuance of additional bonds and the priority of lien and pledge in that event;
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(4) The custody and application of the proceeds of the bonds;
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(5) The collection and disposition of revenues;
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(6) The investing and reinvesting in securities specified by the secretary of any moneys during periods not needed for authorized purposes; and
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(7) The rights, duties, and obligations of the secretary and of the holders and registered owners of the bonds.
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