7-7-4632. Procedure to return enterprise from receiver to municipality.
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/mt/title-7/chapter-7/part-46/7-7-4632·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7-7-4632 . Procedure to return enterprise from receiver to municipality.
(1)Whenever all that is due upon the refunding bonds and interest thereon and upon any other notes, bonds, or other obligations and interest thereon having a charge, lien, or encumbrance on the revenues of the enterprise and under any of the terms of any covenants or agreements with bondholders shall have been paid or deposited as provided therein and all defaults shall have been cured and made good, the court may in its discretion, after such notice and hearing as it deems reasonable and proper, direct the receiver to surrender possession of the enterprise to the municipality.
(2)The same right of the holders of the refunding bonds to secure the appointment of a receiver exists upon any subsequent default as provided in 7-7-4630 and 7-7-4631 .