1. (a) The holder of revenue bonds or attached coupons and the trustee, if any, except to the extent the rights given may be restricted by the ordinance authorizing issuance of the bonds or by the trust indenture, may, by civil action, protect and enforce rights granted:

   1. (1) by this article or IC 13-3-2 (before its repeal); or

   2. (2) under the ordinance or trust indenture;

      to be performed by the district issuing the bonds or by the board or any officer, including the making and collecting of reasonable and sufficient charges and rates for services provided by the works.

2. (b) If there is failure to pay the principal or interest on any of the revenue bonds on the date named for payment, and upon application by a bondholder or a trustee, any court having jurisdiction to appoint receivers shall appoint a receiver to administer the works on behalf of the district and the bondholders or trustee. A receiver may do the following:

   1. (1) Charge and collect rates sufficient to provide for the payment of the expenses of operation, repair, and maintenance.
   2. (2) Pay any revenue bonds and interest outstanding.

   3. (3) Apply the revenues in conformity with this article and the ordinance or trust indenture.

      [Pre-1996 Recodification Citation: 13-3-2-21.]

As added by P.L.1-1996, SEC.16.