(a) A holder of revenue bonds or interest coupons issued under section 16 of this chapter may, by civil action:

1. (1) protect and enforce all rights granted by statute or by the ordinance authorizing the issuance of the bonds; and
2. (2) enforce and compel performance of all the duties required by this chapter or the ordinance, including the fixing and collecting of parking charges or charges for other service rendered by the parking facilities.

(b) Upon a failure to pay the interest on or the principal of the revenue bonds in accordance with their terms, a court may appoint a receiver to administer the parking facilities on behalf of the municipality and the bondholders. The receiver may:

1. (1) fix and collect parking charges and other charges sufficient to provide for the payment of:

   1. (A) the expenses of operation, repair, and maintenance; and
   2. (B) the interest on and principal of the bonds; and

2. (2) apply the revenues in the manner prescribed by this chapter and the ordinance authorizing the issuance of the revenue bonds.

   [Pre-Local Government Recodification Citations: 19-5-11-9; 19-5-13-11.]

   As added by Acts 1981, P.L.309, SEC.84.