KRS 96.720: Receiver.

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

pursuant to KRS 96.550 to 96.900, any court having jurisdiction may, upon the petition of

the holders of not less than twenty-five percent (25%) of the outstanding bonds, appoint a

receiver to administer said electric plant on behalf of the board, with power to charge and

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

against said electric plant and for the payment of the operat ing expenses and to apply the

income and revenues in conformity with KRS 96.550 to 96.900.