§ 31-35-409 — Remedies of bondholders

(1) Subject to any contractual
limitations binding upon the holders of any issue of bonds or the trustee therefor,
including but not limited to the restriction of the exercise of any remedy to a
specified proportion or percentage of such holders, any holder of bonds or trustee
therefor has the right and power, for the equal benefit and protection of all holders
of bonds similarly situated:

(a) To enforce his rights against the municipality and its governing body and
any of its officers, agents, and employees by an action in the nature of mandamus
or other suit, action, or proceeding at law or in equity and to require and compel
such municipalities or such governing body or any such officers, agents, or
employees to perform and carry out their duties and obligations under this part 4
and their covenants and agreements with the bondholders;

(b) To require the municipality and the governing body thereof to account as
if they were the trustee of an express trust by action or suit in equity;

(c) To enjoin any acts or things which may be unlawful or in violation of the
rights of the bondholders by action or suit in equity; and

(d) To bring suit upon the bonds.

(2) No right or remedy conferred by this part 4 upon any holder of bonds or
any trustee therefor is intended to be exclusive of any other right or remedy, but
each such right or remedy is cumulative and in addition to every other right or
remedy and may be exercised without exhausting and without regard to any other
remedy conferred by this part 4 or by any other law.

Legislative History

Source: L. 75: Entire title R&RE, p. 1257, � 1, effective July 1.