§ 15-6-433 — Bonds; action for nonpayment

If the city or town fails, neglects or refuses to pay the bonds
or to promptly collect any assessment when due, the owner of any
bonds may proceed in his own name to collect the assessments and
foreclose the lien in any court of competent jurisdiction. The
bondholder shall recover five percent (5%) in addition to the
amount and interest thereon, together with the cost of the suit.
Any number of holders of the bonds for any single improvement
may join as plaintiffs, and any number of owners of property
encumbered by the lien may be joined as defendants in the suit.