Section 36-9-23-23 - Bonds; enforcement rights of holders; receivership(a) The rights granted by this section are subject to any restrictions contained in the ordinance authorizing the issuance of revenue bonds or in any trust indenture securing the bonds.(b) The holder of any revenue bonds or any coupons attached to them, and the trustee, if any, may, either at law or in equity, protect and enforce all rights granted by this chapter or under the ordinance or trust indenture, including the making and collecting of reasonable and sufficient fees for services rendered by the sewage works.(c) If the principal or interest of any of the revenue bonds is not paid on the date named in the bonds for payment, any court having jurisdiction of the action may appoint a receiver to administer the sewage works on behalf of the municipality, the bondholders, and the trustee, if any. The receiver may:(1) charge and collect fees sufficient to provide for the payment of the expenses of operation, repair, and maintenance of the works;(2) pay any revenue bonds and interest outstanding; and(3) apply the revenues in conformity with this chapter, the ordinance authorizing the bond issue, and the trust indenture, if any.Pre-Local Government Recodification Citation: 19-2-5-17.
As added by Acts1981 , P.L. 309, SEC.96.