§ 14-202-114 — Bonds - Mortgage lien

(a) The ordinance or trust indenture authorizing or securing any bonds issued hereunder may impose a foreclosable mortgage lien upon the interest of the municipality in the project financed in whole or in part with the proceeds of the bonds or upon all or any part of the electric system of the municipality. (b) The nature and extent of the mortgage lien may be controlled by the ordinance or trust indenture, including, without limitation, provisions pertaining to the release of all or part of the project properties or the electric system, as the case may be, from the mortgage lien and the priority of the mortgage lien in the event of the issuance of additional bonds. (c) Subject to whatever terms, conditions, and restrictions may be contained in the ordinance or trust indenture, any holder or registered owner of bonds issued under this chapter, or of any coupon attached thereto, may, either at law or in equity, enforce the mortgage lien and may, by proper suit, compel the performance of the duties of the officials of the municipality set forth in the ordinance or trust indenture authorizing or securing the bonds.

Legislative History

Acts 1979, No. 5, § 8; 1981, No. 425, § 45; A.S.A. 1947, § 19-5608.