1. The holder of any bond authorized pursuant to this chapter or of any coupon representing interest accrued thereon may, by a civil action either at law or in equity, by mandamus, injunction or otherwise, compel any city, town or village or sewer district, which may have authorized bonds under this chapter or the officials thereof to perform all duties imposed upon such city, town or village or sewer district or upon such officials by the provisions of the ordinance authorizing such bonds or otherwise imposed by law, including the continued operation of the sewerage system or of the combined waterworks and sewerage system, the fixing and collecting of sufficient rates and charges for the services thereof, the segregation and allocation and disposition of the revenues derived from such system, the payment of any bonds chargeable to the revenues of such system or the interest thereon and the performance of any valid and reasonable covenant set out in the ordinance authorizing any such bonds.

2. Such suit or action at law or in equity shall lie regardless of whether or not any bond or the interest thereon shall at the time of the filing of such suit be in default in the event that such city, town or village or sewer district or any official thereof shall have neglected or failed to perform any material duty imposed by law or by any valid and reasonable covenant set out in the ordinance authorizing any outstanding bonds pursuant to this chapter.