Title 2, Chapter 10, Section 29
( 2-10-29)
Except to the extent that the rights given in this Code section may
be restricted by resolution passed before the issuance of the bonds
or by the trust indenture, any holder of revenue bonds or interest
coupons issued under this article, any receiver for such holders, or
any indenture trustee may, either at law or in equity, by action,
mandamus, or other proceedings, protect and enforce any and all
rights granted under the laws of this state, under this article, or
under such resolution or trust indenture. Such holder, receiver, or
indenture trustee may enforce and compel performance of all duties
required by this article 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
on 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 Department of Agriculture or any other
department, agency, or institution of the state; and in the pursuit
of its remedies as subrogee, such holder, receiver, or trustee may
proceed either at law or in equity, by action, mandamus, or other
proceedings, to collect any sums 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 of any such bond, receiver, or
indenture 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,
provided that any provision of this or any other law to the contrary
notwithstanding, any such bondholder, receiver, or indenture trustee
shall have the right, by appropriate legal or equitable proceedings,
including, but not limited to, mandamus, to enforce compliance by
the appropriate public officials with Article VII, Section IV of the
Constitution of Georgia. Permission is given for the institution of
any such proceedings to compel the payment of lease obligations. |