Tex. Gov't Code § 1505.213 · Subchapter E. BONDS FOR HARBOR IMPROVEMENTS AND FACILITIES IN COASTAL MUNICIPALITIES WITH POPULATION OF LESS THAN 12,000
APPOINTMENT OF RECEIVER.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1505.htm
- Text hash
- sha256 a1f63b5c34ae965cb78981c08511721234ae1921ebaa6dbb8ba53fb77bd52f5f
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.