(A) The holder or holders of the bonds or coupons representing in the aggregate not less than 20%of the entire issue then outstanding may, either at law or in equity, by suit, action, mandamus or other proceedings, protect and enforce the statutory first lien upon the revenues of the system and may by suit, action, mandamus or other proceedings, enforce and compel performance of all duties of the officers of the Village of Birch Run, including the fixing of sufficient rates, the collection of revenues, the proper segregation of the revenues of the system and the proper application thereof; provided, however, that the statutory lien upon the revenues shall not be construed as to compel the sale of the system.
(B) If there be any 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 administer and operate the system on behalf of the village, and under the direction of the court and by and with the approval of the court to perform all of the duties of the officials of the village, more particularly set forth herein and in Public Act 94 of 1933, being M.C.L.A. §§ 141.101 through 141.138, as amended.
(C) The holder or holders of any bonds or any coupons therefrom shall have all other rights and remedies given by Public Act 94 of 1933, being M.C.L.A. §§ 141.101 through 141.138, as amended, for the collection and enforcement of the bonds and the security therefore.
(1992 Code, § 80.006) (Ord. 1-62, passed - - 1962)