§ 5609. Bondholders
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 53 Pa.C.S.A. Municipalities GenerallyEffective: June 19, 2001
Effective: June 19, 2001
53 Pa.C.S.A. § 5609
§ 5609. Bondholders
(a) Rights and remedies.--The rights and the remedies conferred upon bondholders under this section shall be in addition to and not in limitation of rights and remedies lawfully granted them by the resolution for the bond issue or by any deed of trust, indenture or other agreement under which the bond is issued.
(3) A trustee under this subsection and a trustee under any deed of trust, indenture or other agreement may and, upon written request of the holders of 25% of the aggregate principal amount of outstanding bonds or such other percentage specified in the deed of trust, indenture or other agreement, shall in the trustee's name do any of the following:
(v) By notice in writing to the authority, declare all bonds due and payable and, if all defaults are made good, with the consent of the bondholders of 25% of the principal amount of outstanding bonds or such other percentage specified in the deed of trust, indenture or other agreement, to annul such declaration and its consequences.
(6) Nothing in this chapter authorizes a receiver appointed under paragraph (4) to sell, assign, mortgage or otherwise dispose of assets of whatever kind and character belonging to the authority. It is the intention of this chapter to limit the powers of the receiver to the operation and maintenance of the facilities of the authority as the court directs. No bondholder or trustee shall have the right in an action at law or in equity to compel a receiver, nor shall a receiver be authorized or a court empowered to direct the receiver, to sell, assign, mortgage or otherwise dispose of assets of whatever kind or character belonging to the authority.
(d) Costs and fees.--In an action by the trustee the court costs, attorney fees and expenses of the trustee and of the receiver and all costs and disbursements alloted by the court shall be a first charge on revenue and receipts derived from the facilities of the authority, the revenue or receipts from which are or may be applicable to the payment of the bonds so in default.
Credits
2001, June 19, P.L. 287, No. 22, § 1, imd. effective. Amended 2001, Dec. 17, P.L. 926, No. 110, § 3, retroactive effective June 19, 2001.
53 Pa.C.S.A. § 5609, PA ST 53 Pa.C.S.A. § 5609
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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