§ 14-57-610 — Acceleration of maturities - Priorities

(a) The ordinance authorizing the issuance of the revenue bonds may contain provisions for the acceleration of the maturities of all unmatured bonds in the event of default in the payment of any principal or interest maturing under the bond issue, or upon failure to meet any sinking fund requirements, or in any other event stipulated in the ordinance; and such provisions will be binding. (b) The priorities as between successive issues of revenue bonds may also be controlled by the provisions of the ordinance.

Legislative History

Acts 1951, No. 269, § 8; A.S.A. 1947, § 19-3530.