Title 12, Chapter 3, Section 335
( 12-3-335)
Except to the extent the rights given in this Code section may be
restricted by resolution passed before the issuance of bonds or by a
trust indenture, any holder of revenue bonds or interest coupons
issued under this part, any receiver for such holders, or any
indenture trustee, if any, may either at law or in equity, by
action, mandamus, or other proceedings, protect and enforce any and
all rights under the laws of the State of Georgia or granted by this
part or under such resolution or trust indenture. Such holder,
receiver, or trustee may enforce and compel performance of all
duties required by this part, or by resolution or trust indenture,
to be performed by the authority or any officer thereof, including
the fixing, charging, and collecting of revenues, rents, and other
charges for the use of the project or projects. In the event of
default of the authority upon the principal and interest obligations
of any revenue bond issue, such holder, receiver, or trustee shall
be subrogated to each and every right, specifically including the
contract rights of collecting rental, which the authority may
possess against the state or any department, agency, or institution
of the state and, in the pursuit of his or its remedies as subrogee,
may proceed either at law or in equity, by action, mandamus, or
other proceedings, to collect any sums by such proceedings due and
owing to the authority and pledged or partially pledged directly or
indirectly to the benefit of the revenue bond issue of which such
holder, receiver, or trustee is representative. No holder,
receiver, or trustee shall have the right to compel any exercise of
the taxing power of the state to pay any such bond or the interest
thereon, or to enforce the payment thereof against any property of
the state, nor shall any such bond constitute a charge, lien, or
encumbrance, legal or equitable, upon the property of the state. |