Sec. 9015.362. 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 outstanding bonds, appoint a receiver for the authority.
(b) The receiver may collect and receive all authority income except taxes, employ and discharge authority agents and employees, take charge of money on hand, except money received from taxes, unless commingled, and manage the proprietary affairs of the authority 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.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.12, eff. April 1, 2009.
Renumbered from Special District Local Laws Code, Section 9009.362 by Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 27.001(85), eff. September 1, 2009.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle I - Water Control and Improvement Districts
Chapter 9015 - Alice Water Authority
Section 9015.351. Authority to Issue Bonds
Section 9015.352. Form of Bonds
Section 9015.354. Election for Bonds Payable From Ad Valorem Taxes
Section 9015.355. Bonds Payable From Revenue
Section 9015.356. Bonds Payable From Ad Valorem Taxes
Section 9015.357. Tax and Rate Requirements
Section 9015.358. Additional Security
Section 9015.359. Trust Indenture
Section 9015.360. Interim Bonds or Notes
Section 9015.361. Use of Bond Proceeds
Section 9015.362. Appointment of Receiver
Section 9015.363. Refunding Bonds