§ 9-21-311. Appointment of Receiver on Default
In the event that the local government shall default in the payment of the principal of or interest on any of the revenue bonds after the same shall become due, whether at maturity or upon call for redemption, and the default shall continue for a period of thirty (30) days, or in the event that […]
§ 9-21-312. Judicial Supervision of Receiver
The receiver shall, in the performance of the powers conferred upon such receiver, act under the direction and supervision of the court making the appointment, and shall at all times be subject to the orders and decrees of the court, and may be removed by the court. Nothing contained in this chapter shall limit or […]
§ 9-21-313. Duties of Receiver
It is the duty of a receiver to: Immediately, either directly or through agents and attorneys, enter and take possession of each and every part of the public works project; Have, hold, use, operate, manage and control the public works project in the name of the local government or otherwise, as the receiver may deem […]
§ 9-21-314. Sale of Assets by Receiver Prohibited
Notwithstanding § 9-21-313, the receiver shall have no power to sell, assign, mortgage or otherwise dispose of any assets of whatever kind or character belonging to the local government or any local government instrumentality and useful for the public works project. The authority of any receiver shall be limited to the operation and maintenance of […]
§ 9-21-315. Surrender of Possession by Receiver
Whenever all that is due upon the revenue bonds, and interest thereon, and upon any other obligations, and interest thereon, having a charge, lien, or encumbrance on the revenues of the public works project and under any of the terms of any covenants or agreements with bondholders shall have been paid or deposited as provided […]
§ 9-21-316. Remedies Cumulative — Effect of Abandonment or Nonexercise of Right or Remedy
No remedy conferred by this part upon any holder of revenue bonds, or any trustee therefor, is intended to be exclusive of any other remedy, but each remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by this chapter or […]
§ 9-21-310. Remedies of Revenue Bondholders
Subject to any contractual limitations binding upon the holders of any issue of revenue bonds, or trustee therefor, including, but not limited to, the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of revenue bonds, or trustee therefor, shall have the right and power, for […]
§ 9-21-301. Authorization for the Issuance of Revenue Bonds
Any local government is authorized to issue revenue bonds under this part and part 1 of this chapter for a public works project. “Revenue bonds” are defined as those bonds which are payable exclusively from the revenues of one (1) or more public works projects. The bonds may be sold in such blocks as the […]
§ 9-21-302. Sale of Revenue Bonds — Agreements Regarding Dates of Delivery
Any local government proposing to sell revenue bonds under this part and part 1 of this chapter is authorized to sell such bonds either at a competitive public sale or at a private negotiated sale as the governing body of the local government may direct. The governing body of a local government may enter into […]
§ 9-21-303. Sale of Revenue Bonds at Below Par Value
All revenue bonds issued by any local government under the authority of this part and part 1 of this chapter shall be sold for not less than ninety-seven percent (97%) of par value and accrued interest as the governing body of the local government may direct. Nothing in this chapter shall be construed to prevent […]