KRS 96.420: Receiver.

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

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

behalf of the city, with power to charge and collect rates sufficient to pro vide 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 KRS 96.350 to 96.510 and the ordinance referred to in KRS 96.430.