NOTE: §1014 eff. until July 1, 2021. See Acts 2018, No. 569.
§1014. Mortgage and pledge; rights of bond holders
A. Any bonds or other debt obligations issued under this Part shall be payable solely from the revenues derived from the work of public improvement, constructed, acquired, extended, or improved with the proceeds thereof, sufficient in amount at all times to meet the required debt service, subject only to prior payment of reasonable and necessary expenses of operating and maintaining such work of public improvement. In connection with the construction, acquisition, extension, or improvement of any such revenue-producing work of public improvement, any political subdivision is authorized to accept, receive, receipt for, disburse, and expend federal and state monies and other monies, public or private, whether available by grant or loan, or both, for such purposes.
B. The work of public improvement shall remain subject to such pledge of revenues or mortgage as may have been authorized by resolution of the governing body under the authority of this Part until the payment in full of the principal and interest on said bonds or other debt obligation, and the mortgage or pledge may be foreclosed by seizure and sale of the encumbered property in a manner provided by law for the foreclosure of conventional mortgages including the right to executory process.
C. Any holder of the bonds or other debt obligations or of any of the attached coupons, if any, may by suit, action, mandamus, or other proceedings, protect and enforce the security provided for in this Part, and may by suit, action, mandamus, or other proceedings enforce and compel performance of all of the duties required to be performed by the governing body and officials of the political subdivision by the provisions of this Part and the proceedings authorizing the issuance of such bonds or other debt obligations.
NOTE: §1014 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
§1014. Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Added by Acts 1977, No. 706, §1; Acts 2018, No. 569, §2, eff. July 1, 2021.
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