§ 9-1-109. SAME—RIGHTS AND REMEDIES OF BONDHOLDERS GENERALLY.

(a)

The rights and the remedies herein conferred upon or granted to the bondholders shall be in addition to and not in limitation of any rights and remedies lawfully granted to such bondholders by the resolution or resolutions providing for the issuance of bonds or by any deed of trust, indenture, or other agreement under which the same may be issued. In the event that the authority shall default in the payment of principal of or interest on any of the bonds after said principal or interest shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty (30) days, or in the event that the authority shall fail or refuse to comply with the provisions of this article or shall default in any agreement made with the holders of the bonds, the holders of twenty-five (25) percent in the aggregate principal amount of the bonds then outstanding, by instrument or instruments filed in the office of the Clerk of the Circuit Court for the county and proved or acknowledged in the same manner as a deed to be recorded, may (except as such right may be limited under the provisions of any deed of trust, indenture, or other agreement as aforesaid) appoint a trustee to represent the bondholders for the purposes herein provided. Such trustee and any trustee under any deed of trust, indenture, or other agreement may and, upon written request of the holders of twenty-five (25) percent (or such other percentage as may be specified in any deed of trust, indenture, or other agreement aforesaid) in principal amount of the bonds then outstanding, shall in his or its own name:

(1)

By mandamus or other suit, action, or proceeding at law or in equity enforce all rights of the bondholders, including the right to require the authority to collect tolls, rates, rentals, and other charges, adequate to carry out any arrangements as to or pledge of the revenues or receipts of the authority, and to require the authority to carry out any other agreements with or for the benefit of the bondholders, and to perform its and their duties under this article;

(2)

Bring suit upon the bonds;

(3)

By action or suit in equity, require the authority to account as if it were the trustee of an express trust for the bondholders;

(4)

By action or suit in equity, enjoin any acts or things which may be unlawful or in violation of the rights of the bondholders;

(5)

By notice in writing to the authority, declare all bonds due and payable, and if all defaults be made good, then with the consent of the holders of twenty-five (25) percent (or such other percentage as may be specified in any deed of trust, indenture, or other agreement aforesaid) of the principal amount of the bonds then outstanding, to annul such declaration and its consequences.

(b)

Any trustee, whether appointed as aforesaid or acting under a deed of trust, indenture, or other agreement and whether or not all bonds have been declared due and payable, shall be entitled as of right to the appointment of a receiver who may (to the same extent that the authority itself could so do) enter and take possession of the facilities of the authority, or any parts thereof, the tolls, revenues, rentals, or receipts from which are or may be applicable to the payment of the bonds so in default, and operate and maintain the same and collect and receive all rentals and other revenues thereafter arising therefrom in the same manner as the authority might do, and shall deposit all such moneys in a separate account, and apply the same in such manner as the court shall direct. In any suit, action, or proceeding by the trustees, the fees, counsel fees, and expenses of the trustee and of the receiver, if any, and all costs and disbursements allowed by the court shall be a first charge on any revenues and receipts derived from the facilities of the authority, the revenues or receipts from which are or may be applicable to the payment of the bonds so in default. Such trustee shall, in addition to the foregoing, have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth herein or incident to the general representation of the bondholders in the enforcement and protection of their rights.

(c)

In addition to all other rights and all other remedies, any holder of bonds of the authority shall have the right by mandamus or other suit, action, or proceeding at law or in equity to enforce his rights against the authority, including the right to require the authority of collecting tolls, fees, rentals, and other charges adequate to carry out any agreement as to or pledge of such tolls, fees, rentals, or other charges, or income, revenues, and receipts and to require the authority to carry out any of its covenants and agreements with the bondholders and to perform its and their duties under this article; provided, however, that nothing in this section or any other section of this article shall authorize any receiver appointed pursuant to this article, for the purpose of operating and maintaining any project or projects of the authority, to sell, assign, mortgage, or otherwise dispose of any of the assets of whatever kind and character belonging to the authority. It is the intention of this article to limit the powers of such receiver to the operation and maintenance of the facilities of the authority as the court shall direct, and no holder of bonds of the authority nor any trustee shall ever have the right in any suit, action, or proceedings at law or in equity to compel a receiver nor shall any receiver ever be authorized or any court be empowered to direct the receiver to sell, assign, mortgage, or otherwise dispose of any assets of whatever kind or character belonging to the authority.

(1988 Code, § 30-9) (Bill No. 48-02, § 1, 7-1-2004)