An authority may:
1. Covenant as to the use, maintenance and replacement of any or all of its real or personal property, the insurance to be carried thereon, and the use and disposition of insurance moneys.
2. Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation.
3. Covenant and prescribe as to events of default and terms and conditions upon which any or all of its bonds or obligations shall become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived.