77-5-163 - Rights and remedies of bondholders.
§ 77-5-163. Rights and remedies of bondholders.
In addition to all other remedies, any holder of a bond of any district incorporated under this article, including a trustee for bondholders, shall have the right, subject to any contractual limitations binding upon such bondholders or trustee, and subject to the prior or superior rights of others:
(a) By mandamus or other suit, action or proceeding, at law or in equity, to enforce his rights against such district and the board of such district, including the right to require such district and such board to fix and collect rates and charges adequate to carry out any agreement as to, or pledge of, the revenues produced by such rates or charges, and to require such district and such board to carry out any other covenants and agreements with such bondholder and to perform its and their duties under this article.
(b) By action or suit in equity to enjoin any acts or things which may be unlawful or a violation of the rights of such bondholder.
(c) By action or suit in equity to require such board to account as if it were the trustee of an express trust for such bondholder.
(d) By suit, action or proceeding in court exercising equitable jurisdiction to obtain the appointment of a receiver of the utility or utilities owned or operated by the district, or any part or parts thereof, who may enter and take possession of such utility or any part or parts thereof, including all property, land, property rights, easements and other adjuncts of the utility. Such receiver may operate and maintain the same, and collect and receive all revenues thereafter arising therefrom in the same manner as such district itself might do, and shall deposit all such moneys in a separate account or accounts and apply the same in accordance with the obligations of such district as the court shall direct.
Sources: Codes, 1942, § 5455; Laws, 1936, ch. 187.