Upon the happening and continuance of any event of default, any holder of a note may exercise any available remedy and bring any appropriate action, suit, or proceeding to enforce his or her rights and, in particular, bring suit for any unpaid principal or interest then due, by mandamus or other appropriate proceeding, enforce all rights of the holders of the notes including the right to require the issuer to perform its duties under the Act and the ordinance relating thereto, bring suit upon the notes, by action at law or bill in equity, require the issuer to account as if it were the trustee of an express trust for the holders of the notes, and by an action or bill in equity enjoin any acts in violation of the ordinance with respect to the notes, or the rights of the holders of the notes; provided that, the remedies of the holders of the notes shall be junior and subordinate to the remedies of the holders of the prior bonds.
(Ord. passed - -)