Arizona Laws 36-1417. Power of public body to provide additional remedies to obligee
A public housing authority, city, town or county may by resolution, trust indenture, lease or other contract confer on any obligee holding or representing a specified amount in bonds, or holding a lease, the right, in addition to all rights that may otherwise be conferred on the happening of an event of default as defined in the resolution or instrument, by an action or proceeding in any court of competent jurisdiction:
Terms Used In Arizona Laws 36-1417
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Bonds: means bonds, notes, interim certificates, debentures or other obligations issued by a public housing authority, city, town or county pursuant to this article. See Arizona Laws 36-1401
- Contract: A legal written agreement that becomes binding when signed.
- housing authority: means an agency of a city, town or county created and controlled pursuant to this article. See Arizona Laws 36-1401
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligee: includes any holder of bonds issued pursuant to this article, trustee or trustees for such bondholders, or lessor demising to a public housing authority, city, town or county property used in connection with a housing project, or an assignee or assignees of such lessor's interest or any part thereof, and the federal government when it is a party to a contract with a public housing authority, city, town or county in regard to a housing project. See Arizona Laws 36-1401
- Trustee: A person or institution holding and administering property in trust.
1. To cause possession of any housing project or any part of a housing project to be surrendered to any such obligee, which possession may be retained by the bondholder or trustee as long as the public housing authority, city, town or county continues in default.
2. To obtain the appointment of a receiver of any housing project of the public housing authority, city, town or county, or any part of a housing project, and of the rents and profits from the housing project. If a receiver is appointed, the receiver may enter and take possession of the housing project or any part of the housing project and, as long as the public housing authority, city, town or county continues to default, operate and maintain it and collect and receive all fees, rents, revenues or other charges thereafter arising from the housing project and shall keep the monies in a separate account or accounts and apply them in accordance with the obligations of the public housing authority, city, town or county as the court directs.
3. To require the public housing authority, city, town or county and its officers and agents to account as if it and they were the trustees of an express trust.