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Revenue and revenue refunding bonds issued under this act,unless otherwise authorized
<br /> by law, shall not constitute a debt of the commonwealth or of the town,'or a pledge of the
<br /> faith and credit of the commonwealth or of the town,but the bonds shall be payable
<br /> solely from the funds herein provided therefor from revenues. In the event that the
<br /> corporation, or the town or commonwealth is not obliged to pay the revenue and revenue
<br /> refunding bonds, then, and in that event, all the revenue and revenue refunding bonds
<br /> shall contain on the face thereof a statement to the effect that neither the corporation nor
<br /> the commonwealth nor the town shall be obliged to pay the same or the interest thereon
<br /> except from revenues and that neither the faith and credit nor taxing power of the
<br /> commonwealth or of the town is pledged to the payment of the principal of or the interest
<br /> on the bonds.
<br /> All revenue and revenue refunding bonds issued under this act shall have and are hereby
<br /> declared to have all the qualities and incidents of negotiable instruments as defined in
<br /> section 3-104 of chapter 106 of the General Laws.
<br /> SECTION 13.In the discretion of the corporation, the revenue bonds or revenue
<br /> refunding bonds may be secured by a nest agreement by and between the corporation and
<br /> a corporate trustee, which may be any trust company or bank having the powers of a trust
<br /> company within the commonwealth. The trust agreement may pledge or assign the
<br /> revenues to be received,but shall not convey or mortgage any project or part thereof.
<br /> Either the resolution providing for the issuance of bonds or the hest agreement may
<br /> contain provisions for protecting and enforcing the rights and remedies of the
<br /> bondholders as may be reasonable and proper and not in violation of law,including
<br /> without limiting the generality of the foregoing provisions defining defaults and
<br /> providing for remedies in the event thereof, which may include the acceleration of
<br /> maturities, and covenants setting forth the duties of, and limitations on,.the corporation in
<br /> relation to the acquisition, construction, irnprovement, enlargement, alteration, equipping,
<br /> famishing, maintenance, operation,repair,insurance and disposition of property, the
<br /> custody, safeguarding,investment, and application of moneys, the use of any surplus
<br /> bond or note proceeds and the establishment of reserves.The resolution or trust
<br /> agreement may also contain covenants by the corporation in relation to, among other
<br /> things, (a) the establishment,revision and collection of rents and charges for services or
<br /> facilities furnished or supplied by the corporation as shall provide revenues sufficient
<br /> with other revenues of the project,if any,to pay(i)the cost of maintaining,repairing and
<br /> operating the project and of making renewals and replacements in connection therewith,
<br /> (ii)the principal of and the interest on the revenue bonds as the same shall become due
<br /> and payable, (iii)payments in lieu of taxes,betterment and special assessments, and(iv)
<br /> reserves for all such purposes, (b)the purpose or purposes for which the proceeds of the
<br /> sale of the bonds will be applied and the use and disposition thereof, (c) the use and
<br /> disposition of the gross revenues of the corporation from the project, any additions
<br /> thereto and extensions and improvements thereof, including the creation and maintenance
<br /> of funds for working capital and for renewals and replacements to the project, (d) the
<br /> amount, if any, of additional revenue bonds payable from the revenues of the project; and
<br /> the limitations,terms and conditions on which the additional revenue bonds may be
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