Whenever all that is due upon the revenue bonds, and interest thereon, and upon any other obligations, and interest thereon, having a charge, lien, or encumbrance on the revenues of the public works project and under any of the terms of any covenants or agreements with bondholders shall have been paid or deposited as provided herein, and all defaults shall have been cured and made good, the court may in its discretion, and after such notice and hearing as it deems reasonable and proper, direct the receiver to surrender possession of the public works project to the local government. Upon any subsequent default, the holders of the revenue bonds shall have the same right to secure the appointment of a receiver as provided in this part.
Structure 2021 Tennessee Code
Chapter 21 - Local Government Public Obligations Act of 1986
§ 9-21-303. Sale of Revenue Bonds at Below Par Value
§ 9-21-307. Revenue Bonds of the Same Issue Shall Be Equally and Ratably Secured
§ 9-21-310. Remedies of Revenue Bondholders
§ 9-21-312. Judicial Supervision of Receiver
§ 9-21-313. Duties of Receiver
§ 9-21-314. Sale of Assets by Receiver Prohibited
§ 9-21-315. Surrender of Possession by Receiver
§ 9-21-316. Remedies Cumulative — Effect of Abandonment or Nonexercise of Right or Remedy