(a) The resolution or indenture referred to in § 14-137-116 may, or may not, impose a foreclosable mortgage lien upon or security interest in all or any portion of the lands, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter, and the nature and extent of the mortgage lien or security interest may be controlled by the resolution or indenture including, without limitation, provisions pertaining to the release of all or part of the lands, buildings, or facilities from the mortgage lien or security interest and the priority of the mortgage lien or security interest in the event of successive bond issues as authorized by § 14-137-116.
(b) Subject to such terms, conditions, and restrictions as may be contained in the resolution or indenture authorizing or securing the bonds, any holder or registered owner of bonds issued under the provisions of this chapter, or a trustee, on behalf of all holders and registered owners, may, either at law or in equity, enforce the mortgage lien or security interest and may, by proper suit, compel the performance of the duties of the members and employees of the issuing board as set forth in this chapter, the ordinance creating the board, and the resolution or indenture authorizing or securing the bonds.
Section: Previous 14-137-110 14-137-111 14-137-112 14-137-113 14-137-114 14-137-115 14-137-116 14-137-117 14-137-118 14-137-119 14-137-120 14-137-121 14-137-122 14-137-123 NextLast modified: November 15, 2016