Tex. Spec. Dist. Local Laws Code § 9092.0512 · Subchapter E. BORROWED MONEY; BONDS
APPOINTMENT OF RECEIVER.
Not yet in force
Text of section effective on April 01, 2027
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 district bonds that are payable wholly or partly from revenue, a court may, on petition of the holders of outstanding bonds, appoint a receiver for the district.
(b) The receiver may:
(1) collect and receive all district income except taxes;
(2) employ and discharge district agents and employees;
(3) take charge of money on hand, except money received from taxes, unless commingled; and
(4) manage the district's proprietary affairs without the consent of or hindrance by the board.
(c) The receiver may be authorized to sell or contract for the sale of water or other services provided by the district 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 2025, 89th Leg., R.S., Ch. 203 (H.B. 1615), Sec. 1.03, eff. April 1, 2027.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.9092.htm
- Text hash
- sha256 12ebbaaee98901c192f224b6ba39b005da8584e432c71328fbb4459d5d90cfe6
- 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.