Sec. 8104.313. APPOINTMENT OF RECEIVER. (a) The resolution authorizing the issuance of the bonds or notes, or the trust indenture or other instrument securing the bonds or notes, may provide that, on petition of the holders of outstanding bonds or notes, a court may appoint a receiver for the authority:
(1) on default in the payment of the principal of or interest on bonds or notes; or
(2) under the conditions stated in the resolution, trust indenture, or other instrument, on a threatened default in the payment of the principal of or interest on bonds or notes.
(b) The receiver may collect and receive pledged revenues and receipts.
(c) The resolution, trust indenture, or other instrument may limit or qualify the rights of less than all of the holders of outstanding bonds or notes payable from the same source to institute or prosecute litigation affecting the authority's properties or revenues.
Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.06, eff. April 1, 2007.
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