 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
SPECIAL DISTRICT LOCAL LAWS CODE |
|
Title 6. WATER AND WASTEWATER |
|
Subtitle B. FRESH WATER SUPPLY DISTRICTS |
|
Chapter 6903. EASTLAND COUNTY WATER SUPPLY DISTRICT |
|
Subchapter G. BONDS |
Sec. 6903.310. APPOINTMENT OF RECEIVER
-
(a) On default or threatened default in the payment of principal of or interest on bonds issued under this subchapter that are payable wholly or partly from revenue, a court may, on petition of the holders of 25 percent of the outstanding bonds of the issue in default or threatened with default, appoint a receiver for the district.
(b) The receiver may collect and receive all district income except taxes, employ and discharge district agents and employees, take charge of money on hand, except money received from taxes, unless commingled, and manage the district's proprietary affairs without consent or hindrance by the board.
(c) The receiver may be authorized to sell or contract for the sale of water or to renew those contracts with the approval of the court that appointed the receiver.
(d) The court may vest the receiver with any other power or duty the court finds necessary to protect the bondholders.