§ 14-57-609 - Default in payment of bonds. - Arkansas Statutes

14-57-609. Default in payment of bonds.

(a) If there is a default in the payment of the principal of, or interest on, any of the revenue bonds authorized by this subchapter, any court having jurisdiction, in any proper action, may appoint a receiver to take charge of and operate the parking meters, with power to charge and collect rates sufficient to provide for the payment of the bonds, and interest thereon, after providing for the payment, if any, of the operating expenses of the property, and to apply the income and revenues derived from the property in conformity with this subchapter and the ordinance providing for the issuance of the bonds.

(b) When the default has been cured, the receivership shall be ended.

(c) This suit may be brought by the holder of any bond issued under the provisions of this subchapter or of any coupon representing interest accrued thereon.