§ 14-217-111 — Bonds - Mortgage lien

(a) The resolution or trust indenture authorizing or securing any bonds issued hereunder may impose a foreclosable mortgage lien upon the system constructed in whole or in part with the proceeds thereof. (b) The nature and extent of the mortgage lien may be controlled by the resolution or trust indenture including, without limitation, provisions pertaining to the release of all or part of the system from the mortgage lien and the priority of the mortgage lien in the event of the issuance of additional bonds. (c) Subject to such terms, conditions, and restrictions as may be contained in the resolution or trust indenture, any holder 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 district set forth in the resolution or trust indenture authorizing or securing the bonds.

Legislative History

Acts 1975, No. 490, § 9; A.S.A. 1947, § 20-1909.