§ 14-267-110 — Bonds - Mortgage lien

(a) The ordinance, order, or indenture referred to in § 14-267-107 may, but need not, impose a foreclosable mortgage lien upon the land, buildings, and facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter. The nature and extent of the mortgage lien may be controlled by the ordinance, order, or indenture, including, without limitation, provisions pertaining to the release of all or part of the land, buildings, and facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues, as authorized by § 14-267-107 . (b) The ordinance, order, 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, compel the performance of the duties of the officials of the issuing municipality or county as set forth in this chapter and in the ordinance, order, or indenture authorizing or securing the bonds. (c) References in this chapter to "mortgage lien" shall include a security interest in any personal property embodied in a pollution control project acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter.

Legislative History

Acts 1973, No. 247, § 7; 1975, No. 153, § 2; A.S.A. 1947, § 13-1907.