Sec. 1505.213.  APPOINTMENT OF RECEIVER.  (a)  On default or threatened default in the payment of principal of or interest on an issue of bonds under this subchapter, a court may, on petition of the holders of 25 percent of the outstanding bonds, appoint a receiver with authority to:
(1)  collect and receive the income from a harbor improvement or facility or a contract the revenue of which is pledged;
(2)  employ an agent or employee;
(3)  take charge of money on hand;  and
(4)  manage without consent or hindrance by the governing body of the municipality the proprietary affairs of the harbor improvement or facility or the contract the revenue of which is pledged.
(b)  The court may also:
(1)  authorize the receiver to lease the harbor improvement or facility the revenue of which is pledged and renew the contract with the approval of the court;  and
(2)  vest the receiver with any other power or duty the court finds necessary for the protection of the bondholders.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.