The holder of any bond issued by the bridge and park commission or of any coupon attached thereto, may in any civil action, mandamus or other proceedings enforce and compel all duties required of the commission or any officer thereof by this chapter or by resolution authorizing issuance of bonds hereunder, including the establishment and collection of adequate rates, fees, charges and tolls, and the performance of any duties imposed upon the commission or any of its members or officers by the resolution authorizing such bonds, and such action shall lie, regardless of whether or not the bonds shall, at the time of such action, be in default either as to principal or interest, in the event that the commission or any of its officers or members shall fail to perform the duties or obligations imposed on it or them by the resolution which authorized such bonds. If there be any default in payment of the interest on any principal of any of said bonds, any court having jurisdiction in the proper action, may, upon petition of the holder of any of such bonds, appoint a receiver to administer and operate the system, consisting of the park, recreational and harbor area and facilities, all bridges, buildings, improvements, and related facilities in connection therewith, with the power to fix rates and collect charges sufficient to provide for the payment of all bonds outstanding to the payment of which the revenues of such system are pledged and to pay the expenses of operating and maintaining such system and to apply the revenues of such system in conformity with the provisions of this chapter, and of the order or resolution authorizing the issuance of such bonds.
Sources: Codes, 1942, § 5974-11; Laws, 1960, ch. 434, § 11, eff from and after passage (approved May 3, 1960).
The holder of any bond issued by the bridge and park commission or of any coupon attached thereto, may in any civil action, mandamus or other proceedings enforce and compel all duties required of the commission or any officer thereof by this chapter or by resolution authorizing issuance of bonds hereunder, including the establishment and collection of adequate rates, fees, charges and tolls, and the performance of any duties imposed upon the commission or any of its members or officers by the resolution authorizing such bonds, and such action shall lie, regardless of whether or not the bonds shall, at the time of such action, be in default either as to principal or interest, in the event that the commission or any of its officers or members shall fail to perform the duties or obligations imposed on it or them by the resolution which authorized such bonds. If there be any default in payment of the interest on any principal of any of said bonds, any court having jurisdiction in the proper action, may, upon petition of the holder of any of such bonds, appoint a receiver to administer and operate the system, consisting of the park, recreational and harbor area and facilities, all bridges, buildings, improvements, and related facilities in connection therewith, with the power to fix rates and collect charges sufficient to provide for the payment of all bonds outstanding to the payment of which the revenues of such system are pledged and to pay the expenses of operating and maintaining such system and to apply the revenues of such system in conformity with the provisions of this chapter, and of the order or resolution authorizing the issuance of such bonds.
Sources: Codes, 1942, § 5974-11; Laws, 1960, ch. 434, § 11, eff from and after passage (approved May 3, 1960).
The holder of any bond issued by the bridge and park commission or of any coupon attached thereto, may in any civil action, mandamus or other proceedings enforce and compel all duties required of the commission or any officer thereof by this chapter or by resolution authorizing issuance of bonds hereunder, including the establishment and collection of adequate rates, fees, charges and tolls, and the performance of any duties imposed upon the commission or any of its members or officers by the resolution authorizing such bonds, and such action shall lie, regardless of whether or not the bonds shall, at the time of such action, be in default either as to principal or interest, in the event that the commission or any of its officers or members shall fail to perform the duties or obligations imposed on it or them by the resolution which authorized such bonds. If there be any default in payment of the interest on any principal of any of said bonds, any court having jurisdiction in the proper action, may, upon petition of the holder of any of such bonds, appoint a receiver to administer and operate the system, consisting of the park, recreational and harbor area and facilities, all bridges, buildings, improvements, and related facilities in connection therewith, with the power to fix rates and collect charges sufficient to provide for the payment of all bonds outstanding to the payment of which the revenues of such system are pledged and to pay the expenses of operating and maintaining such system and to apply the revenues of such system in conformity with the provisions of this chapter, and of the order or resolution authorizing the issuance of such bonds.
Sources: Codes, 1942, § 5974-11; Laws, 1960, ch. 434, § 11, eff from and after passage (approved May 3, 1960).
