§ 14-265-108 — Bonds - Statutory mortgage lien - Enforcement by holder of bonds

(a) Subject to the subsequent provisions of this section, there shall exist a statutory mortgage lien upon the land, buildings, and facilities acquired or constructed, in whole or in part, with the proceeds of the revenue bonds, which shall exist in favor of the holders of the bonds and in favor of the holders of the coupons attached to the bonds. (b) The land, buildings, and facilities shall remain subject to the statutory mortgage lien until payment in full of the principal of and interest on the revenue bonds. (c) The nature and extent of the mortgage lien on the land, buildings, and facilities may be controlled by the indenture referred to in § 14-265-105(b) , including, without limitation, provisions pertaining to the release of all or part of the land, buildings, and facilities from the lien and the priority of the lien in the event of additional bond issues under this chapter for the purpose of reconstructing, replacing, extending, or improving the same land, buildings, and facilities. (d) Subject to the restrictions as may be contained in the ordinance, order, or indenture authorizing and securing the bonds, any holder of bonds issued under the provisions of this chapter or of any coupons representing interest accrued thereon may enforce, either at law or in equity, the statutory mortgage lien conferred by this section and may compel, by proper suit, the performance of the duties of the officials of the issuing municipality or county as set forth in this chapter and in any ordinance, order, or indenture authorizing and securing the revenue bonds.

Legislative History

Acts 1961, No. 175, § 6; A.S.A. 1947, § 19-4718.