§ 37-5-8 — Bonds - Rights and Remedies of Bondholders

Alabama § 37-5-8

• Jurisdiction: Alabama
• Title 37: Public Utilities and Public Transportation
• Ch. 5: Power Districts

Text

In addition to all other remedies, any holder of a bond of any district incorporated under this chapter, including a trustee for bondholders, shall have the right, subject to any contractual limitations binding upon such bondholders or trustee and subject to the prior or superior rights of others:
(1) By mandamus or other action or proceedings to enforce his rights against such district and the board of such district, including the right to require such district and such board to fix and collect rates and charges adequate to carry out any agreement as to, or pledge of, the revenues produced by such rates or charges, and to require such district and such board to carry out any other covenants and agreements with such bondholder and to perform its and their duties under this chapter.
(2) By civil action to enjoin any acts or things which may be unlawful or a violation of the rights of such bondholder.
(3) By civil action to require such authority to act as if it were the trustees of an express trust for such bondholder.
(4) By civil action or proceeding to obtain the appointment of a receiver of the enterprise in which the district is engaged or any part or parts thereof, who may enter and take possession of such utility or any part or parts thereof, including all property, land, property rights, easements and other adjuncts of the utility, and such receiver may operate and maintain the same, and collect and receive all revenues thereafter arising therefrom in the same manner as such district itself might do and shall deposit all such moneys in a separate account or accounts and apply the same in accordance with the obligations of such district as the court shall direct.

Legislative History

(Acts 1935, No. 42, p. 87; Code 1940, T. 18, §8.)