ARTICLE 4. Action to Secure Payment of Revenue Bonds [36360. - 36368.]

Article 4 added by Stats. 1951, Ch. 390.

§§ 36360–36368 · 9 sections

• § 36360 Bondholders owning or holding 25 percent or more of any outstanding and unpaid issue of revenue bonds may, when payments of principal or interest, or both,…
• § 36361 The complaint shall: (a) Name the district as a defendant. (b) State that on the date therein named bond principal payments, interest thereon, or both, were in…
• § 36362 The summons in the proceeding shall be served by publishing a copy thereof once a week for four weeks in a newspaper of general circulation published in each…
• § 36363 Within 30 days after publication of the summons has been completed and proof filed with the court any person may appear and answer the complaint.
• § 36364 On the expiration of 60 days after the publication of summons has been completed and proof filed with the court, after proof to the court that a default exists…
• § 36365 The jurisdiction of the court over the affairs of the district shall continue until the default for which the receiver was appointed has been discharged.
• § 36366 A receiver has no power to dispose of any part of the property of the district except in the ordinary course of business. The authority of a receiver is…
• § 36367 No court has jurisdiction to enter any order or decree requiring or permitting a receiver to sell, assign, mortgage, or otherwise dispose of or encumber the…
• § 36368 Whenever all that is due upon all obligations and interest thereon which are a charge, lien, or encumbrance on the revenues of the district has been paid and…