1-16B-25. Appointment of trustee on default in payment of bonds or notes.
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/sd/title-1/chapter-1-16/1-16b-25A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the authority is in default in the payment of principal or interest on any bonds or notes issued under this chapter for a period of thirty days, or if the authority fails to comply with the provisions of this chapter or defaults in any agreement with the holders of bonds or notes of the authority, the holders of twenty - five percent of the aggregate principal amount of the outstanding bonds or notes of that issue may appoint a trustee to represent them by filing the appointment with the secretary of state.