§ 11-81-180 — Appointment of Receiver Upon Default in Payment of Principal and Interest on Bonds; Powers of Receiver

Alabama § 11-81-180

• Jurisdiction: Alabama
• Title 11: Counties and Municipal Corporations
• Ch. 81: Municipal and County Bonds
• Art. 5: Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems

Text

If there shall be any default in the payment of the principal of or interest upon any bonds issued under this article, any court having jurisdiction in any proper civil action may appoint a receiver to administer and operate the system or systems out of the revenues from which such bonds are payable with power to fix and charge rates and collect revenues sufficient to provide for the payment of such bonds and any other obligations outstanding against said system or systems or the revenues therefrom and for the payment of the expenses of operating and maintaining such system or systems and with power to apply the income and revenues of said system or systems in conformity with this article and the authorizing proceedings and any trust indenture provided for therein.

Legislative History

(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §315; Acts 1955, No. 494, p. 1127, §7.)