KRS 74.310: Receiver on default.

If there is any default in the payment of the principal or interest of any bonds issued under

KRS 74.280 to 74.300, any court having jurisdiction of the action may appoint a receiver

to administer the waterworks on behalf of the water district. The receiver shall charge and

collect rates sufficient to provide for the payment of any bonds or obligations outstanding

against the waterworks and for the payment of the operating expenses and shall apply the

income and revenue in conformity with KRS 74.300.