KRS 106.100: Procedure in case of default.

If there is any default in the payment of the principal and interest of any bond, any court

having jurisdiction of the action may appoint a receiver to administer the waterworks on

behalf of the water district or city, with power to charge and collect rate s sufficient to

provide for the payment of any bonds or obligations outstanding against the waterworks

and for the payment of the operating expenses, and to apply the income and revenue in

conformity with the provisions of this chapter and in conformity wi th the resolution

adopted by the water district commissioners or the ordinance adopted by the city

legislative body as hereinbefore set out.