§ 32-11-556 — Rights and powers of securities holders

Colorado § 32-11-556

• Jurisdiction: Colorado
• Title 32: Special
• Art.: Urban Drainage and Flood Control Act

Text

(1) Subject to any
contractual limitations binding upon the holders of any issue or series of district
securities, or trustee therefor, including but not limited to the restriction of the
exercise of any remedy to a specified proportion, percentage, or number of such
holders, and subject to any prior or superior rights of others, any holder of
securities, or trustee therefor, shall have the right and power, for the equal benefit
and protection of all holders of securities similarly situated:

(a) By mandamus or other suit, action, or proceeding at law or in equity to
enforce his rights against the district, the board, and any other of the officers,
agents, and employees of the district, to require and compel the district, the board,
or any such officers, agents, or employees to perform and carry out their respective
duties, obligations, or other commitments under this article and under their
respective covenants and agreements with the holder of any security;

(b) By action or suit in equity to require the district to account as if it is the
trustee of an express trust;

(c) By action or suit in equity to have appointed a receiver, which receiver
may enter and take possession of any facilities and any pledged revenues for the
payment of the securities, prescribe sufficient fees derived from the facilities, and
collect, receive, and apply all pledged revenues or other moneys pledged for the
payment of the securities in the same manner as the district itself might do in
accordance with the obligations of the district; and

(d) By action or suit in equity to enjoin any acts or things which may be
unlawful or in violation of the rights of the holder of any securities and to bring suit
thereupon.

Legislative History

Source: L. 69: p. 779, � 98. C.R.S. 1963: � 89-21-98.