§ 25-25-125 — Enforcement of rights of bondholders

Any holder of bonds
issued pursuant to this article or any trustee under a trust agreement, trust
indenture, indenture of mortgage, or deed of trust entered into pursuant to this
article, except to the extent that their rights are restricted by any bond resolution,
may, by any suitable form of legal proceedings, protect and enforce any rights
under the laws of this state or granted by the bond resolution. Such rights include
the right to compel the performance of all duties of the authority required by this
article or the bond resolution; to enjoin unlawful activities; and, in the event of
default with respect to the payment of any principal of, premium on, if any, and
interest on any bond or in the performance of any covenant or agreement on the
part of the authority in the bond resolution, to apply to a court having jurisdiction of
the cause to appoint a receiver to administer and operate the project or projects,
the revenues of which are pledged to the payment of principal of, premium on, if
any, and interest on such bonds, with full power to pay, and to provide for payment
of, principal of, premium on, if any, and interest on such bonds, and with such
powers, subject to the direction of the court, as are permitted by law and are
accorded receivers in general equity cases, but excluding any power to pledge
additional revenues of the authority to the payment of such principal, premium, and
interest.

Legislative History

Source: L. 77: Entire article added, p. 1319, � 1, effective July 1.