Tex. Spec. Dist. Local Laws Code § 8510.0511 · Subchapter E. BORROWED MONEY OR GRANTS
APPOINTMENT OF RECEIVER.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) On default or threatened default in the payment of the principal of or interest on authority bonds, a court may appoint a receiver for the authority on petition of the holders of 25 percent of the outstanding bonds of the issue in default or threatened with default.
(b) The receiver may collect and receive all authority income, employ and discharge authority agents and employees, take charge of money on hand, and manage the authority's proprietary affairs without the board's consent or hindrance.
(c) The receiver may be authorized to sell or contract for the sale of water or to renew those contracts with the approval of the court that appointed the receiver.
(d) The court may vest the receiver with any other power or duty the court finds necessary to protect the bondholders.
Notes and commentary — not statutory text
History
Added by Acts 2021, 87th Leg., R.S., Ch. 914 (H.B. 3530), Sec. 1.03, eff. April 1, 2023.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8510.htm
- Text hash
- sha256 61625093beae34cf4d7f127d600ea8691e949f3352922fc4a77ee8185d67bf44
- 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
Cited by 2 provisions
Provisions in this library whose text cites Tex. Spec. Dist. Local Laws Code § 8510.0511. Each shows the citation as that text prints it.
Special District Local Laws Code
- Tex. Spec. Dist. Local Laws Code § 8510.0309POWERS RELATING TO WASTE FACILITIES; BONDS.Printed as Sections 8510.0504, 8510.0505, 8510.0506, 8510.0507, 8510.0508, 8510.0509, 8510.0510, 8510.0511, and 8510.0512
- Tex. Spec. Dist. Local Laws Code § 8510.0310ADDITIONAL POWERS OF AUTHORITY AND OTHER PERSONS; BONDS.Printed as Sections 8510.0504, 8510.0505, 8510.0506, 8510.0507, 8510.0508, 8510.0510, and 8510.0511
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.