§ 37-50-136 — Rights - powers of holders of bonds - trustees

(1) Subject to
any contractual limitations binding upon the holders of any issue or series of bonds
of the district issuing bonds under this article, or the holders' trustee, 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, a holder of bonds, or the holder's trustee, 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 the holder's rights against the district, board, or any combination, or the
officers, agents, and employees of the district to compel the district, board, or such
officers, agents, or employees to perform their respective duties, obligations, or
other commitments under this article and their respective covenants and
agreements with the holder of a bond;

(b) By action or suit in equity, to require the district 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 facilities and 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 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 that may be
unlawful or in violation of the rights of the holder of any bonds.

Legislative History

Source: L. 2004: Entire article added, p. 1926, � 1, effective August 4.