§ 14-185-136 — Bonds - Mortgage lien

(a) The resolution or indenture referred to in §§ 14-185-122 and 14-185-124 may, but need not, impose a foreclosable mortgage lien upon the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter. (b) The nature and extent of the mortgage lien may be controlled by the resolution or indenture including, without limitation, provisions pertaining to: (1) The release of all or part of the land, building, or facilities from the mortgage lien; and (2) The priority of the mortgage lien in the event of successive bond issues as authorized by this chapter. (c) The resolution or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under the provisions of this chapter or a trustee on behalf of all holders and registered owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, to compel the performance of the duties of the officials of the authority set forth in this chapter and set forth in the resolution or indenture authorizing or securing the bonds.

Legislative History

Acts 1961, No. 439, § 9; 1975 (Extended Sess., 1976), No. 1232, § 1; A.S.A. 1947, § 21-1509; reen. Acts 1987, No. 1017, § 1.