In the event of a default in the payment of the principal or interest due on any bonds
issued hereunder [under this article], or a default in the performance of any covenant
or undertaking contained in the resolution authorizing such bonds, and such default
shall continue for a period of six (6) months, the holder of a majority of such bonds
may apply to any court which may then have jurisdiction, for the appointment of a
receiver of the revenues pledged and such court shall have such power to appoint a
receiver with authority to collect and pay out such revenues in the manner provided
by the resolution or resolutions pledging them to do any and all other things to the
end that such default shall be remedied. The right to the appointment of a receiver
hereunder shall not preclude the appointment of a receiver under any other applicable
statute nor deny or limit the right of the bond holders to any relief by mandamus,
suit at law or in equity. The resolution authorizing the bonds may prescribe the terms
and conditions under which any one (1) or more bond holders may institute proceedings
to remedy any default, in which event all bond holders shall be bound thereby.
(Laws of Fla. 1953, Ch. 29095, § 20)
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