2006 Georgia Code - 2-10-29

2-10-29. Except to the extent that the rights given in this Code section may be restricted by resolution passed before the issuance of the bonds or by the trust indenture, any holder of revenue bonds or interest coupons issued under this article, any receiver for such holders, or any indenture trustee may, either at law or in equity, by action, mandamus, or other proceedings, protect and enforce any and all rights granted under the laws of this state, under this article, or under such resolution or trust indenture. Such holder, receiver, or indenture trustee may enforce and compel performance of all duties required by this article or by resolution or trust indenture to be performed by the authority or any officer thereof, including the fixing, charging, and collecting of revenues, rents, and other charges for the use of the project or projects. In the event of default of the authority upon the principal and interest obligations on any revenue bond issue, such holder, receiver, or trustee shall be subrogated to each and every right, specifically including the contract rights of collecting rental, which the authority may possess against the Department of Agriculture or any other department, agency, or institution of the state; and in the pursuit of its remedies as subrogee, such holder, receiver, or trustee may proceed either at law or in equity, by action, mandamus, or other proceedings, to collect any sums due and owing to the authority and pledged or partially pledged directly or indirectly to the benefit of the revenue bond issue of which such holder, receiver, or trustee is representative. No holder of any such bond, receiver, or indenture trustee shall have the right to compel any exercise of the taxing power of the state to pay any such bond or the interest thereon or to enforce the payment thereof against any property of the state; nor shall any such bond constitute a charge, lien, or encumbrance, legal or equitable, upon the property of the state, provided that any provision of this or any other law to the contrary notwithstanding, any such bondholder, receiver, or indenture trustee shall have the right, by appropriate legal or equitable proceedings, including, but not limited to, mandamus, to enforce compliance by the appropriate public officials with Article VII, Section IV of the Constitution of Georgia. Permission is given for the institution of any such proceedings to compel the payment of lease obligations.

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