§ 7. Right of Holders of Certificates to Obtain Appointment of Receiver, etc.

The city council may in the resolution authorizing the certificates of indebtedness, confer upon any holder or holders of a specified amount or percentage of certificates the right in the event of default as defined in such resolution, by suit, action or proceeding in any court of competent jurisdiction, to obtain the appointment of a receiver for the building from the revenues of which the certificates of indebtedness are payable in whole or in part, or by suit, action or proceeding, in any court of competent jurisdiction, to require the city council to account as if they were trustees of an express trust. If a receiver be appointed he may enter and take possession of the building or system or any part or parts thereof and operate and maintain the same and collect and receive all revenues arising therefrom in the same manner as the city itself might do, and shall deposit such moneys in a separate account or accounts and apply the same in accordance with the obligations of the city as the courts shall direct.

(Laws of Fla. ch. 26086(1949), § 7)