§ 14-303-508 - Default -- Receiver. - Arkansas Statutes

14-303-508. Default -- Receiver.

(a) In the event of a default in the payment of the principal of, or interest on, any revenue bonds issued under this chapter, any court having jurisdiction may appoint a receiver to take charge of the tollway project involved.

(b) The receiver shall have the power to:

(1) Operate and maintain the tollway project involved;

(2) Charge and collect tolls sufficient to provide for the costs of the receivership and operating expenses of the tollway project;

(3) Provide for the payment of the principal of and interest on the revenue bonds;

(4) Apply the revenues derived from the tollway project in conformity with this chapter and in conformity to the resolution and indenture authorizing and securing the bonds.

(c) When the default has been cured, the receivership shall cease and the tollway project returned to the authority involved.

(d) The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded the trustee for the bondholders and the holders and owners of the bonds in the resolution and indenture authorizing and securing the bonds.