{"data":{"id":"us-tx/tex.-special-district-local-laws-code-11006.261","jurisdiction":"us-tx","citation":"Tex. Special District Local Laws Code § 11006.261","heading":"APPOINTMENT OF RECEIVER.","body":"(a) On default or threatened default in the payment of the principal of or interest on authority bonds 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.\n(b) The receiver may collect and receive all authority income, employ and discharge authority agents and employees, take charge of money on hand, and manage the proprietary affairs of the authority without consent or hindrance by the board.\n(c) The receiver may be authorized to sell or contract for the sale of water or to renew contracts with the approval of the court that appointed the receiver.\n(d) The court may vest the receiver with any other power or duty the court finds necessary to protect the bondholders.\nAdded by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.07, eff. April 1, 2017.","path":["SPECIAL DISTRICT LOCAL LAWS CODE","TITLE 6. WATER AND WASTEWATER","SUBTITLE X. DISTRICTS WITH COMBINED POWERS","CHAPTER 11006. SOUTH TEXAS WATER AUTHORITY","SUBCHAPTER F. BONDS"],"source_url":"https://statutes.capitol.texas.gov/Docs/SD/htm/SD.11006.htm#11006.261","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:41Z","sha256":"1889ffce793f5d6ca23285effdaa25b31ae199c28f8ad07fffb786f83fa89ce0","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-special-district-local-laws-code-11006.260","next":"us-tx/tex.-special-district-local-laws-code-11006.262"},"notice":"GroundRules: Original legal text. Not legal advice."}