(a) Subject to such restrictions as may be contained in the ordinance authorizing the issuance of the bonds issued under this subchapter or other contract with the bondholders as well as such restrictions contained in contracts with the bondholders of other prior issues, any holder of bonds issued under the provisions of this subchapter or of any coupon representing interest accrued thereon may, by proper suit, compel the performance of the duties of the officials of the issuing city or its airport commission set forth in this subchapter.
(b) If there is default in the payment of the principal of or interest upon any of the bonds, any court having jurisdiction in any proper action may appoint a receiver to operate the buildings, structures, or other improvements authorized by this subchapter on behalf of the city or its airport commission with power to operate or lease them in order to obtain funds for the payment of the bonds and interest thereon, and for the payment of the operation and maintenance expenses, and to apply the income and revenues in conformity with this subchapter and the ordinance providing for the issuance of the bonds.
(c) Any covenants and agreements entered into by the city shall be binding in all respects upon successive governing bodies of the city and the airport commission and its successors in accordance with the terms of such covenants and agreements.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
