(A) Any registered owner of a bond may, by proper legal action, compel the performance of the duties of the issuer under this subchapter and the Act, including the making and collection of sufficient rates and charges for sendees rendered by the system and segregation of the revenues therefrom and the application thereof. If there be any default in the payment of interest on any bonds when the same shall become due, or in the payment of the principal of any bond or bonds, either at the specified date of maturity thereof or at a date set for redemption thereof, or otherwise in the performance of any covenant contained in the ordinance other than as to such payment and such default shall continue for a period of 30 days after written notice to the issuer of such default, any bondholder shall, in addition to all other remedies or rights, have the right by appropriate legal proceedings to obtain the appointment of a receiver to administer the system on behalf of the issuer, with power to charge rates, rentals, fees, and other charges sufficient to provide for the payment of the bonds and any interest thereon, the deposits into the funds and accounts hereby established as herein provided and the payment of operating expenses of the system and to apply such rates, rentals, fees, charges, or other revenues in conformity with the provisions of the ordinance and the Act.
(B) The receiver so appointed shall forthwith, directly or by his or her agents and attorneys, enter into and upon and take possession of all facilities of said system and shall hold, operate, and maintain, manage, and control such facilities, and each and every part thereof, and in the name of the issuer exercise all the rights and powers of the issuer with respect to said facilities as the issuer itself might do.
(C) Whenever all that is due upon the bonds and interest thereon and under any covenants of the ordinance codified herein for reserve, sinking, or other funds and upon any other obligations and interest thereon having a charge, lien, or encumbrance upon the revenues of the system shall have been paid and made good, and all defaults under the provisions of this subchapter shall have been cured and made good, possession of the system shall be surrendered to the issuer upon the entry of an order of the court to that effect. Upon any subsequent default, any registered owner of any bonds shall have the same right to secure the further appointment of a receiver upon any such subsequent default.
(D) Such receiver, in the performance of the powers hereinabove conferred upon him or her, shall be under the direction and supervision of the court making such appointment, shall at all times be subject to the orders and decrees of such court and may be removed thereby, and a successor receiver may be appointed in the discretion of such court. Nothing herein contained shall limit or restrict the jurisdiction of such court to enter such other and further orders and decrees as such court may deem necessary or appropriate for the exercise by the receiver of any function not specifically set forth herein.
(E) Any receiver appointed as provided herein shall hold and operate the system in the name of the issuer and for the joint protection and benefit of the issuer and registered owners of the bonds. Such receiver shall have no power to sell, assign, mortgage, or otherwise dispose of any assets of any kind or character belonging or pertaining to the system, but the authority of such receiver shall be limited to the possession, operation, and maintenance of the system for the sole purpose of the protection of both the issuer and registered owners of such bonds and the curing and making good of any event of default with respect thereto under the provisions of this subchapter, and the title to and ownership of said system shall remain in the issuer, and no court shall have any jurisdiction to enter any order or decree permitting or requiring such receiver to sell, assign, mortgage, or otherwise dispose of any assets of the system.
(Ord. passed - -)