§ 14-164-319 — Bonds generally - Mortgage lien - Definition

(a) The ordinance or trust indenture authorized in § 14-164-310 or § 14-164-312 may, but need not, impose a foreclosable mortgage lien upon the capital improvements or economic development projects financed with the proceeds of bonds issued under this subchapter. (b) The nature and extent of the mortgage lien imposed under subsection (a) of this section may be controlled by the ordinance or trust indenture, including without limitation provisions: (1) Pertaining to the release of all or part of the land, buildings, or facilities from the mortgage lien; (2) Pertaining to the priority of the mortgage lien in the event of successive bond issues; and (3) Authorizing any owner of bonds, or a trustee on behalf of all owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuer set forth in this subchapter or in the ordinance or trust indenture authorizing and securing the bonds. (c) As used in this section, "mortgage lien" includes a security interest in any personal property constituting the capital improvements or economic development projects, or part of the capital improvements or economic development projects, financed with the proceeds of bonds issued under this subchapter.

Legislative History

Amended by Act 2017, No. 533,§ 9, eff. 8/1/2017. Acts 1985, No. 871, § 13; A.S.A. 1947, § 13-1251.