The Florida Senate

348.221  Remedies of the bondholders.--

(1)  The rights and remedies herein conferred upon or granted to the bondholders shall be in addition to, and not in limitation of, any rights and remedies lawfully granted to such bondholders by the resolution or resolutions providing for the issuance of bonds or by a lease-purchase agreement, deed of trust, indenture, or other agreement under which the bonds may be issued or secured. In the event that the authority defaults in payment of the principal of or interest on any of the bonds issued pursuant to the provisions of this part after such principal of or interest on such bonds has become due, whether at maturity or upon call for redemption, or the Department of Transportation defaults in any payments under, or covenants made in, any lease-purchase agreement between the authority and the Department of Transportation, and such default continues for a period of 30 days, or in the event that the authority or the Department of Transportation fails or refuses to comply with the provisions of this part or any agreement made with, or for the benefit of, the holders of the bonds, the holders of 25 percent, in aggregate principal amount, of the bonds then outstanding shall be entitled as of right to the appointment of a trustee to represent such bondholders for the purposes hereof; however, such holders of 25 percent in aggregate principal amount of the bonds then outstanding must first give notice of their intention to appoint a trustee to the authority and to the Department of Transportation. Such notice shall be deemed to have been given if given in writing and deposited in a securely sealed postpaid wrapper, mailed at a regularly maintained United States post office box or station, and addressed, respectively, to the chair of the authority at the office of the authority and to the secretary of the Department of Transportation at the principal office of the Department of Transportation.

(2)  Such trustee, and any trustee under any deed of trust, indenture, or other agreement, may, and upon written request of the holders of 25 percent, or such other percentage as may be specified in any deed of trust, indenture, or other agreement aforesaid, in principal amount of the bonds then outstanding, shall, in any court of competent jurisdiction, in his, her, or its own name:

(a)  By mandamus or other suit, action, or proceeding at law or in equity enforce all rights of the bondholders, including the right to require the authority to fix, establish, maintain, collect, and charge rates, fees, rentals, and other charges adequate to carry out any agreement as to, or pledge of, the revenues or receipts of the authority, to carry out any other covenants and agreements with or for the benefit of the bondholders, and to perform its and their duties under this part.

(b)  By mandamus or other suit, action, or proceeding, at law or in equity, enforce all rights of the bondholders under or pursuant to any lease-purchase agreement between the authority and the Department of Transportation, including the right to require the Department of Transportation to make all rental payments required to be made by it under the provisions of any such lease-purchase agreement, whether from the Brevard County constitutional gas tax or county gas tax, or both, or other funds of the department so agreed to be paid and to require the Department of Transportation to carry out any other covenants and agreements with, or for the benefit of, the bondholders and to perform its and their duties under this part.

(c)  Bring suit upon the bonds.

(d)  By action or suit in equity require the authority or the Department of Transportation to account as if it were the trustee of an express trust for the bondholders.

(e)  By action or suit in equity enjoin any acts or things which may be unlawful or in violation of the rights of the bondholders.

(3)  Any trustee, when appointed as aforesaid or acting under a deed of trust, indenture, or other agreement, and whether or not all bonds have been declared due and payable, shall be entitled as of right to the appointment of a receiver, who may enter upon and take possession of the Brevard County Expressway System or the facilities or any part or parts thereof, the rates, fees, rentals, or other revenues, charges, or receipts from which are, or may be, applicable to the payment of the bonds so in default, and, subject to and in compliance with the provisions of any lease-purchase agreement between the authority and the Department of Transportation, operate and maintain the same for, on behalf of, and in the name of, the authority, the Department of Transportation, and the bondholders; collect and receive all rates, fees, rentals, and other charges or receipts or revenues arising therefrom in the same manner as the authority or the Department of Transportation might do, and who shall deposit all such moneys in a separate account and apply the same in such manner as the court directs. In any suit, action, or proceeding by the trustees, the fees, counsel fees, and expenses of the trustee, and the receiver, if any, and all costs and disbursements allowed by the court shall be a first charge on any rates, fees, rentals, or other charges, revenues, or receipts, derived from the Brevard County Expressway System, or the facilities or services or any part or parts thereof, including payments under any such lease-purchase agreement as aforesaid, which such rates, fees, rentals, or other charges, revenues, or receipts shall or may be applicable to the payment of the bonds so in default. Such trustee shall, in addition to the foregoing, have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth herein or incidental to the representation of the bondholders in the enforcement and protection of their rights.

History.--s. 6, ch. 72-408; s. 48, ch. 83-3; s. 516, ch. 95-148.