Bonds issued under ORS 454.115 or the proceedings of the governing body authorizing their issuance may contain such covenants as the governing body considers advisable concerning:

1. (1) Rates or fees to be charged for services rendered by the disposal system, the revenue of which is pledged to the payment of such bonds.
2. (2) Deposit and use of the revenue of such disposal system.
3. (3) Issuance of additional bonds payable from the revenue of such disposal system.
4. (4) Rights of the bondholders in case of default in the payment of the principal of or interest on the bonds, including the appointment of a receiver to operate such disposal system. [Formerly 449.425]