In addition to all other rights and remedies, any holders of bonds of the authority, including a trustee for bondholders, shall have the right:

(1) By mandamus or other suit, action, or proceeding at law or in equity, to enforce the bondholder’s rights against the authority and the board of the authority, including the right to require the authority and such board to fix and collect rates and charges adequate to carry out any agreement as to, or pledge of, the revenues produced by such rates or charges, and to require the authority and such board to carry out any other covenant and agreement with such bondholders and to perform their duties under this chapter;

Terms Used In Tennessee Code 7-36-116

  • Authority: means an authority created pursuant to this chapter. See Tennessee Code 7-36-102
  • Board: means the board of directors of the authority. See Tennessee Code 7-36-102
  • Bonds: means bonds, interim certificates, notes, debentures, lease-purchase agreements, and all other evidences of indebtedness either issued by or the payment of which has been assumed by the authority. See Tennessee Code 7-36-102
  • Dispose: means to sell, lease, convey, or otherwise transfer any property or any interest in property of the authority. See Tennessee Code 7-36-102
  • System: means any plant, works, facility, property, or parts thereof, together with all appurtenances thereto, used or useful in connection with the furnishing of any of the services and commodities authorized to be provided in this chapter, including generation or production facilities, transmission facilities, storage facilities, and distribution facilities, and all real and personal property of every nature comprising part of or used or useful in connection with a "system" and all appurtenances, contracts, leases, franchises, and other intangibles relating to a "system". See Tennessee Code 7-36-102
  • Trustee: A person or institution holding and administering property in trust.
(2) By action or suit in equity, to enjoin any acts which may be unlawful or a violation of the rights of such holder of bonds;
(3) By suit, action, or proceeding in the chancery court sitting in the county in which the authority’s principal office is located, to obtain an appointment of a receiver of any system of the authority or any part thereof. If such receiver be appointed, such receiver may enter and take possession of such system or part thereof and operate and maintain same, and collect and receive all fees, rents, tolls, or other charges arising therefrom in the same manner as the authority itself might do and shall dispose of such money in a separate account and apply the same in accordance with the obligations of the authority as the court shall direct; and
(4) By suit, action, or proceeding in the chancery court sitting in the county in which the authority’s principal office is located, to require the board of the authority to account as if it were the trustee of an express trust.
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