Section 53811 Of Article 6.5. Building Certificates From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 4. >> Article 6.5.
53811
. The rights and remedies conferred by this article upon or
granted to certificate holders are in addition to and not in
limitation of any rights and remedies lawfully granted to such
certificate holders by the resolutions providing for the issuance of
certificates.
If the board defaults in the payment of principal or interest on
any of the certificates after such principal or interest becomes due,
whether at maturity or upon call for redemption, and if such default
continues for a period of 60 days, or if the board fails or refuses
to comply with the provisions of this article or defaults in any
agreement made with the certificate holders, the holders of 25
percent in aggregate principal amount of the certificates then
outstanding by instruments filed in the office of the recorder of the
county in which the local agency is situated, and acknowledged in
the same manner as a deed to be recorded except as this right is
limited under the provisions of any deed of trust, indenture, or
other agreement, may appoint a trustee to represent the certificate
holders for the purposes provided in this article. The trustee or any
trustee under any deed of trust, indenture or other agreements may,
and upon written request of the holders of 25 percent in principal
amount of the certificates then outstanding, or such other percentage
as is specified in the deed of trust, indenture or other agreement,
shall in his name:
(a) By proper proceedings and actions enforce all rights of the
certificate holder, including the right to require the board to
collect rates, rentals and other charges adequate to carry out any
agreement as to the revenues or the pledge of revenues or receipts of
the board, to lease public buildings and require the board to carry
out any other agreements with or for the benefit of the certificate
holders, and to perform its duties under this article.
(b) Bring suit upon the certificates.
(c) By an action require the board to account as if it were the
trustee of an express trust for the certificate holders.
(d) By an action enjoin any acts or things which may be unlawful
or in violation of the certificate holders' rights.
(e) By notice in writing to the board declare certificates due and
payable, and if all defaults are made good then with the consent of
the holders of 25 percent of the principal amount of the certificates
then outstanding or such other percentage as is specified in any
deed of trust, indenture, or other agreement, annul the declaration
that certificates are due and payable.