§ 60. Bond covenants. 1. In connection with the issuance of bonds or\nthe incurring of an obligation, and to secure the payment of such bonds\nor obligations, the Utica transit authority, in addition to its other\npowers, may:\n (a) Pledge, covenant to pledge or covenant against pledging, all or\nany part of its rents, fares, fees, revenues, subsidies, gifts, grants\nor other moneys received or to be received to which its right then\nexists or may thereafter come into existence; covenant against\npermitting or suffering any lien thereon; it is the intention hereof\nthat any pledge of revenues or other moneys made by the Utica transit\nauthority shall be valid and binding from the time when the pledge is\nmade, that revenues or other moneys so pledged and thereafter received\nby the Utica transit authority shall immediately be subject to the lien\nof such pledge without any physical delivery thereof or further act and\nthat the lien of any such pledge shall be valid and binding as against\nall parties having claims of any kind in tort, contract or otherwise\nagainst the Utica transit authority, irrespective of whether such\nparties have notice thereof;\n (b) Mortgage, covenant to mortgage or covenant against mortgaging, all\nor any part of its property, real or personal, then owned or thereafter\nacquired; covenant against permitting or suffering any lien thereon;\n (c) Covenant with respect to limitations on its right to sell, lease,\nor otherwise dispose of any municipal project or part thereof;\n (d) Covenant as to the bonds to be issued and as to the issuance of\nsuch bonds in escrow or otherwise, and as to the use and disposition of\nthe proceeds thereof; provide for the replacement of lost, destroyed or\nmutilated bonds;\n (e) Covenant as to what other or additional debts may be incurred by\nit;\n (f) Covenant that the Utica transit authority warrants the title to\nthe premises;\n (g) Covenant as to the rents, fares and fees to be charged, the amount\nto be raised each year or other period of time by rents, fares, fees and\nother revenues, and as to the use and disposition to be made thereof;\n (h) Covenant as to the use of any or all of its property, real or\npersonal;\n (i) Create or authorize the creation of special funds segregating (1)\nthe proceeds of any grants, subsidies or contributions; (2) all the\nrents, fares, fees and revenues of any municipal project or projects;\n(3) any moneys held for the payment of the costs of operation and\nmaintenance of municipal projects, or as a reserve for the meeting of\ncontingencies in the operation and maintenance thereof; (4) any moneys\nheld for the payment of the principal of and interest on its bonds or\nthe sums due under its leases or as a reserve for such payments; and (5)\nany moneys held for any other reserves or contingencies; and covenant as\nto the use and disposal of the moneys held in such funds;\n (j) Redeem the bonds and covenant for their redemption, and provide\nthe terms and conditions thereof;\n (k) Covenant against extending the time for the payment of its bonds\nor interest thereon;\n (l) Prescribe the procedure, if any, by which the terms of any\ncontract with bondholders may be amended or abrogated, the amount of\nbonds the holders of which must consent thereto, and the manner in which\nsuch consent may be given;\n (m) Covenant as to the maintenance of its property, the replacement\nthereof, the insurance to be carried thereon, and the use and\ndisposition of insurance moneys;\n (n) Vest in an obligee, in the event of a default by the Utica transit\nauthority the right to cure any such default and to advance any moneys\nnecessary for such purpose, and covenant that the money so advanced by\nan additional obligation of such authority with such interest, security\nand priority as may be provided in any resolutions, trust indenture,\nmortgage, lease or contract;\n (o) Covenant and prescribe as to the events of default and terms and\nconditi
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