Sec. 8501.262.  HOLDER OF OBLIGATION ENTITLED TO ADMINISTRATOR OR RECEIVER.  (a)  If there is a default in the payment of the principal of or interest on an obligation issued under this chapter, any holder of the obligation is entitled to have an administrator or receiver appointed by a court to administer and operate, on behalf of the authority and the holders of the obligation, the improvements and facilities the revenue of which is pledged to the payment of the obligation.
(b)  The administrator or receiver may:
(1)  set and collect fees sufficient to:
(A)  provide for the payment of operation and maintenance expenses as described by this chapter;  and
(B)  pay any outstanding obligations or interest coupons payable from the revenue of the improvements and facilities;  and
(2)  apply the income and revenue of the improvements and facilities in accordance with this chapter and the proceedings authorizing the issuance of the obligation.
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.