§ 41-10-139 — Rights and powers of holders of bonds

Wyoming § 41-10-139

• Jurisdiction: Wyoming
• Title 41: Water
• Ch. 10: WATER AND SEWER DISTRICT LAW

Text

(a) Subject to any contractual limitations binding upon
the holders of any issue or series of bonds, 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, any holder of bonds, or trustee
therefor, shall have the right and power, for the equal benefit
and protection of all holders of bonds similarly situated:
(i) By mandamus or other suit, action or proceeding
at law or in equity to enforce his rights against the district
and its board and any of its officers, agents and employees and
to require and compel the district or its board or any such
officers, agents, or employees to perform and carry out its and
their duties, obligations or other commitments under this act
and its and their covenants and agreements with the bondholders;
(ii) By action or suit in equity to require the
district and its board to account as if they were the trustee of
an express trust;
(iii) By action or suit in equity to have appointed a
receiver, which receiver may enter and take possession of any
projects and services revenues from which are pledged for the
payment of the bonds, prescribe sufficient tolls, fees, rates,
rentals and charges derived from the operation thereof, and
collect, receive and apply all revenues or other moneys pledged
for the payment of the bonds in the same manner as the district
itself might do;
(iv) By action or suit in equity enjoin any acts or
things which may be unlawful or in violation of the rights of
the bondholders; and
(v) Bring suit upon the bonds.
(b) No right or remedy conferred by this act upon any
holder of bonds or any trustee therefor is intended to be
exclusive of 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 act or by any other
law. The failure of any bondholder so to proceed as herein
provided shall not relieve the district, its board, or any of
its officers, agents and employees of any liability for failure
to perform or carry out any duty, obligation or other
commitment.