§ 37-47-145 — Rights - powers of holders of bonds - trustees

Colorado § 37-47-145

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Southwestern Water Conservation District

Text

(1) Subject to
any contractual limitations binding upon the holders of any issue or series of bonds
of the district or subdistrict issuing bonds under this article, or the trustee therefor,
including, without limitation, 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 bonds, or the trustee therefor, shall
have the right and power, for the equal benefit and protection of all holders of
bonds similarly situated:

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

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

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

Legislative History

Source: L. 77: Entire section added, p. 1665, � 10, effective June 9.