the action is necessary to cure a default by the recipient; and
the recipient is not:
a municipality or county; or
a district or authority created under Section 52, Article III, or Section 59, Article XVI, Texas Constitution.
The court shall vest a receiver appointed by the court with any power or duty the court finds necessary to cure the default, including the power or duty to:
raise wholesale or retail water or sewer rates or other fees;
fund reserve accounts;
make payments of the principal of or interest on bonds, securities, or other obligations purchased or acquired by the board; and
take any other action necessary to prevent or to remedy the default.
The receiver shall execute a bond in an amount to be set by the court to ensure the proper performance of the receiver’s duties.
After appointment and execution of bond, the receiver shall take possession of the books, records, accounts, and assets of the financial assistance program recipient specified by the court. Until discharged by the court, the receiver shall perform the duties that the court directs and shall strictly observe the final order involved.
On a showing of good cause by the financial assistance program recipient, the court may dissolve the receivership.Added by Acts 2011, 82nd Leg., R.S., Ch. 1233 (S.B. 660), Sec. 2, eff. September 1, 2011.