Title 50, Chapter 9, Section 43
( 50-9-43)
Any holder of revenue bonds or interest coupons issued under this
article, any receiver for such holders, or indenture trustee, if
there is any, except to the extent the rights herein given may be
restricted by resolution passed before the issuance of the bonds or
by the trust indenture, 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 or granted hereunder or under
such resolution or trust indenture and may enforce and compel
performance of all duties required by this article or Article 1 of
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, any such holder, 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 state or any department, agency, or institution
of the state and, in the pursuit of 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 the
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 Article 1 of this chapter 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
of 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. |