Tex. Spec. Dist. Local Laws Code Section 11003.261
Appointment of Receiver

(a)

On default or threatened default in the payment of the principal of or interest on district 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 district.

(b)

The receiver may collect and receive all district income, except taxes, employ and discharge district agents and employees, take charge of money on hand, except money received from taxes, unless commingled, and manage the proprietary affairs of the district without consent or hindrance by the board.

(c)

The receiver may be authorized to sell or contract for the sale of water or to renew those contracts with the approval of the court that appointed the receiver.

(d)

The court may vest the receiver with any other power or duty the court finds necessary to protect the bondholders.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.07, eff. April 1, 2015.

Source: Section 11003.261 — Appointment of Receiver, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­11003.­htm#11003.­261 (accessed May 4, 2024).

11003.001
Definitions 11003.002
Nature of District 11003.003
Findings of Benefit and Public Purpose 11003.051
District Territory 11003.052
Annexation of City Territory 11003.053
Annexation of Other Territory 11003.101
Composition of Board 11003.102
Qualifications for Office 11003.103
Vacancies 11003.104
Removal from Office 11003.105
Board Resolutions 11003.106
Officers and Assistants 11003.107
Duties of Officers and Assistants 11003.108
Meetings 11003.109
Personal Liability of Directors 11003.151
District Powers 11003.152
Permits 11003.153
General Authority of Public Agencies and Political Subdivisions to Contract with District 11003.154
Contracts to Supply Water 11003.155
Sources for Water 11003.156
Construction Contracts 11003.157
Conveyance of Land to District 11003.158
Surplus Property 11003.159
Eminent Domain 11003.160
Cost of Relocating or Altering Property 11003.161
Other District Powers 11003.201
Imposition of Maintenance Tax 11003.202
Depository 11003.203
Investment of District Money 11003.204
District Facilities Exempt from Taxation and Assessment 11003.251
Authority to Issue Bonds 11003.252
Form of Bonds 11003.253
Maturity 11003.254
Election for Bonds Payable from Ad Valorem Taxes 11003.255
Bonds Secured by Revenue 11003.256
Bonds Payable from Ad Valorem Taxes 11003.257
Additional Security 11003.258
Trust Indenture 11003.259
Charges for District Services 11003.260
Use of Bond Proceeds 11003.261
Appointment of Receiver 11003.262
Refunding Bonds 11003.263
Limitation on Rights of Bondholders 11003.264
Bonds Exempt from Taxation 11003.265
Detachment of District Territory After Issuance of Bonds
Green check means up to date. Up to date

Accessed:
May 4, 2024

§ 11003.261’s source at texas​.gov