Title 20, Chapter 3, Section 167
( 20-3-167)
Any holder of revenue bonds or interest coupons issued under this
article, any receiver for such holders, or indenture trustee, if
any, except to the extent the rights given in this Code section may
be restricted by resolution passed before the issuance of the bonds
or by the trust indenture, may by action, mandamus, or other
proceedings protect and enforce any and all rights under the laws of
this state or granted under this article or under such resolution or
trust indenture and 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, and, in the event of
default of the authority upon the principal and interest obligations
of any revenue bond issue, shall be subrogated to each and every
right, specifically including the contract rights of collecting
rental, which the authority may possess, against the board of
regents or other contracting or leasing department, agency, or
institution of the state. In the pursuit of his or its remedies as
subrogee, such individual, receiver, or trustee may proceed 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 individual, receiver, or trustee is
representative. No holder of any such bond or receiver or indenture
trustee thereof 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, however, any provision of this article or any other Act to
the contrary notwithstanding, any such bondholder or receiver or
indenture trustee shall have the right by appropriate legal or
equitable proceedings, including, without being limited to,
mandamus, to enforce compliance by the appropriate public officials
with Article VII, Section IV, Paragraph III of the Constitution of
Georgia; and permission is given for the institution of any such
proceedings to compel the payment of lease obligations. |