(A) (1) In the event the Agency shall default in the payment of principal or interest on any of the revenue bonds issued pursuant to this chapter after the said principal or interest shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of 30 days, or in the event that the Agency shall default in any agreement made with the holders of the bonds, the holders of 20% in aggregate principal amount of the bonds then outstanding, by instrument or instruments filed in the office of the County Court Clerk and approved or acknowledged in the same manner as a deed to be recorded, may apply to a judge of the County Circuit Court to appoint a trustee to represent all of the bondholders for the purposes herein provided.
(2) Upon such application, the judge shall appoint a trustee and such trustee may, and upon written request of holders of 20% in principal amount of the-bonds of the Agency then outstanding shall:
(a) By mandamus or other suit, action or proceeding at law or in equity, enforce all rights of the bondholders, including, but not limited to, the right to require the Agency to collect rates and other charges, adequate to carry out any agreement as to, or pledge of, the revenues of the Agency and to require the Agency and its officers to carry out any other agreement with the bondholders and to perform its and their duties;
(b) Bring suit upon the bonds;
(c) By action or suit in equity, require the Agency to account as if it were the trustee of an express trust for the bondholders;
(d) By action or suit in equity, enjoin any acts or things which may be unlawful or in violation of the rights of bondholders; or
(e) Declare all bonds due and payable, and if all defaults shall be made good then to annul such declaration and its consequences.
(B) Any such trustee shall be entitled as of right, upon application to the judge, to the appointment of a receiver, who may enter upon and take possession of the facilities of the Agency, or any part or parts thereof, and operate and maintain the same, and collect and receive all rates and charges and other revenues of the Agency, thereafter arising therefrom, in the same manner as the Agency and its officers might do, and shall deposit all monies in a separate account and apply the same in such manner as the court shall direct. In any suit, action or proceeding, by the trustee, the fees, the counsel fees and expenses of the trustee and of the receiver shall constitute disbursements taxable as costs. All costs and disbursements allowed by the court shall be a first charge on any revenue derived from the facilities of the Agency. Such trustee shall, in addition to the foregoing, have and possess all of the powers necessary or appropriate for the exercise of any function specifically set forth herein or incident to the general representation of the bondholders and the enforcement and protection of their rights.
(Ord. 98-3, passed 9-14-1998)