The holders of bonds issued under this chapter, or a trustee for such holders, may exercise any or all of the general remedies provided in section 40-35-15, subject, however, to the restrictions and limitations contained in that section. A receiver for an enterprise may be appointed for the reasons and in the manner prescribed in section 40-35-16 for the appointment of a receiver for an undertaking. Any receiver appointed for an enterprise shall have the powers and shall perform the duties prescribed in section 40-35-16 for the receiver of an undertaking. The termination of a receivership for an enterprise shall be governed by the provisions of section 40-35-18, and after the enterprise is surrendered to the municipality, the holder of refunding bonds, upon any subsequent default, may secure the appointment of a receiver as in the case of the original default. The receiver for an enterprise shall be subject to the continuing jurisdiction of the court and may be removed by the court as specified in section 40-35-19.
40-36-18. Waiver of default or breach of duty or contract not to extend to subsequent default or breach of duty or contract. No waiver of any default or breach of duty or contract, whether such waiver is by a holder of refunding bonds or by a trustee therefor, shall extend to or affect any subsequent default or breach of duty or contract, nor shall any such waiver impair any rights or remedies on the
bonds. No delay or omission of any bondholder, or any trustee therefor, to exercise any right or power accruing upon any default shall impair any such right or power or constitute a waiver of any such default or an acquiescence therein. Every substantive right and remedy conferred upon the holders of refunding bonds may be enforced and exercised from time to time and as often as may be deemed expedient. In case any suit, action, or proceeding to enforce any right or to exercise any remedy shall be brought or taken and then discontinued or abandoned or shall be determined adversely to the holder of the refunding bonds or to any trustee therefor, then and in every such case, the municipality and such holder or such trustee shall be restored to their former positions, rights, and remedies as if no such suit, action, or proceeding had been brought or taken.
40-36-19. Limitations on authorizations contained in chapter - Effect of chapter on bonds issued prior to March 12, 1937. Nothing in this chapter shall be deemed in any way to: 1. Alter the terms of any agreements made with the holders of any outstanding notes, bonds, or other obligations of the municipality, prior to March 12, 1937; 2. Authorize the municipality to alter the terms of any such agreements, or to impair, or to authorize the municipality to impair, the rights and remedies of any creditors of the municipality; or 3. To authorize any municipality to do anything in any manner or for any purpose which would result in the creation or incurring of a debt or indebtedness or the issuance of any instrument which would constitute a bond or debt within the meaning of any provision, limitation, or restriction of the Constitution of North Dakota relating to the creation or incurring of a debt or indebtedness or the issuance of an instrument constituting a bond or a debt.