Title 42, Chapter 3, Section 19
( 42-3-19)
Any holder of revenue bonds or interest coupons issued under this
chapter, any receiver for such holders, or any indenture trustee,
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, by action, mandamus, or other proceedings,
may protect and enforce any and all rights under the laws of this
state or granted under this chapter or under the resolution or trust
indenture and may enforce and compel performance of all duties
required by this chapter 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 bondholder, receiver, or indenture
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 Corrections or other
contracting or leasing department, agency, or institution of the
state and in the pursuit of its remedies as subrogee, may proceed 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 the
bondholder, receiver, or trustee is representative. No holder of
any bond of the authority or receiver or indenture trustee thereof
shall have the right to compel any exercise of the taxing power of
the state to pay any bond or the interest thereon or to enforce the
payment thereof against any property of the state; nor shall any
bond of the authority constitute a charge, lien, or encumbrance,
legal or equitable, upon the property of the state; provided,
however, that any provision of this or any other chapter 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 of the Constitution of this state; and
permission is given for the institution of any such proceedings to
compel the payment of lease obligations. |