§ 14-360-309 — Borrowing of funds and revenue bonds - Performance required

Arkansas § 14-360-309

• Jurisdiction: Arkansas
• Title: 14

Text

(a) Subject to such restrictions as may be contained in the ordinance authorizing the issuance of the bonds issued under this subchapter or other contract with the bondholders as well as such restrictions contained in contracts with the bondholders of other prior issues, any holder of bonds issued under the provisions of this subchapter or of any coupon representing interest accrued thereon may, by proper suit, compel the performance of the duties of the officials of the issuing city or its airport commission set forth in this subchapter. (b) If there is default in the payment of the principal of or interest upon any of the bonds, any court having jurisdiction in any proper action may appoint a receiver to operate the buildings, structures, or other improvements authorized by this subchapter on behalf of the city or its airport commission with power to operate or lease them in order to obtain funds for the payment of the bonds and interest thereon, and for the payment of the operation and maintenance expenses, and to apply the income and revenues in conformity with this subchapter and the ordinance providing for the issuance of the bonds. (c) Any covenants and agreements entered into by the city shall be binding in all respects upon successive governing bodies of the city and the airport commission and its successors in accordance with the terms of such covenants and agreements.

Legislative History

Acts 1959, No. 175, § 4; 1970, (Ex. Sess.), No. 34, § 1; 1975, No. 301, § 2; 1981, No. 425, § 41; A.S.A. 1947, § 74-522.