(a) The rights and remedies granted to the bondholders under this Chapter are in addition to, and not in limitation of, any rights and remedies granted to bondholders by a resolution authorizing the issuance of bonds, or by any deed of trust, indenture or other agreement under which a bond is issued.
(b) The holders of 25% of the aggregate principal amount of the bonds then outstanding, by instrument filed in the Office of the Clerk of the Circuit Court for Montgomery County, and acknowledged in the same manner as a deed to be recorded, may (except as limited under the provisions of any deed of trust, indenture, or other agreements) appoint a trustee to represent the bondholders under this Chapter if the Authority:
(1) defaults in the payment of principal or interest due on bonds whether at maturity or upon call for redemption, and the default continues for a period of 30 days; or
(2) fails to comply with this Chapter; or
(3) defaults in any agreement made with the holders of the bonds.
(c) The trustee, and any trustee under any deed of trust, indenture or other agreement may, and on written request of the holders of 25% (or other percentage specified in any deed of trust, indenture, or other agreement) of the aggregate principal amount of the bonds then outstanding, must, in the name of the trustee:
(1) by mandamus or other legal action, enforce all rights of the bondholders, including the right to require the Authority to:
(A) collect tolls, rates, rents, and other charges adequate to carry out any agreements or pledges of the revenues or receipts of the Authority;
(B) perform any other agreements with or for the benefit of the bondholders; and
(C) perform the Authority's duties under this Chapter;
(2) bring suit on the bonds;
(3) by legal action, require the Authority to account as if it were the trustee of an express trust for the bondholders;
(4) by legal action, enjoin any acts which may be unlawful or in violation of the rights of the bondholders;
(5) by notice in writing to the Authority, declare all bonds due and payable and, if all defaults are made good, then with the consent of the holders of 25% (or such other percentage as specified in any deed of trust, indenture, or other agreement) of the aggregate principal amount of the bonds then outstanding, cancel the declaration of default and its consequences.
(d) Any trustee, whether appointed under this Section or acting under a deed of trust, indenture or other agreement, and whether or not all bonds have been declared due and payable, is entitled as of right to the appointment of a receiver. The receiver may, to the same extent that the Authority could:
(1) enter and take possession of a facility of the Authority, or any part of a facility and any tolls, revenues, rents, or receipts from the facility which are or may be applied to the payment of the bonds in default;
(2) operate and maintain the facilities;
(3) collect and receive all rents and other revenues from the facilities in the same manner as the Authority; and
(4) deposit all such money received in a separate account to be applied as the Court directs.
(e) In any legal action by the trustees, the fees, counsel fees, and expenses of the trustee and of the receiver, if any, and all costs and disbursements allowed by the court, are first charges on any revenues and receipts derived from the facilities of the Authority which are or may be applied to the payment of the bonds in default.
(f) A trustee under this Section has all of the powers necessary or appropriate for the exercise of any functions specifically described in this Chapter, or incident to the general representation of the bondholders in the enforcement and protection of their rights.
(g) In addition to all other rights and remedies, any holder of bonds has the right by mandamus or other legal action to enforce that holder's rights against the Authority, including the right to require the Authority to:
(1) collect tolls, fees, rents, and other charges adequate to carry out any agreement or pledge of the tolls, fees, rents, or other charges, or income, revenues, and receipts; and
(2) perform any covenant or agreement with the bondholders, and the Authority's duties under this Chapter.
(h) Nothing in this Chapter authorizes a receiver appointed under this Chapter to operate and maintain any Authority project to sell, assign, mortgage or otherwise dispose of, any of the Authority's assets, except where such sale, assignment, or mortgage is expressly permitted by the revenue bonds of that particular project. The powers of the receiver are expressly limited to the operation and maintenance of the Authority's facilities as the court directs, and no holder of the Authority's bonds, nor any trustee, may in any legal action compel a receiver, nor is any receiver authorized, or any Court empowered to direct the receiver, to sell, assign, mortgage, or otherwise dispose of the Authority's assets, unless the bonds expressly authorize the sale, assignment, or mortgage of the assets of a specific project. (1992 L.M.C., ch. 35, § 2.)