§ 32-11-557 — Receivers

Colorado § 32-11-557

• Jurisdiction: Colorado
• Title 32: Special
• Art.: Urban Drainage and Flood Control Act

Text

(1) If a resolution of the board authorizing or providing
for the issuance of any securities of any series or any other proceedings pertaining
thereto contains a provision authorized by section 32-11-554 (1)(s) and further
provides in substance that any trustee appointed pursuant to section 32-11-554
(1)(p) shall have the powers provided therein, then such trustee, whether or not all
of the bonds or other securities of such series have been declared due and payable,
shall be entitled as of right to the appointment of a receiver of the facilities
pertaining thereto.

(2) Any receiver appointed as permitted by section 32-11-554 (1)(s) may enter
upon and take possession of the facilities and any property pertaining thereto, and,
subject to any pledge or contract with the holders of such securities, shall take
possession of all moneys and other property derived from or applicable to the
acquisition, operation, maintenance, or improvement of the facilities and proceed
with such acquisition, operation, maintenance, or improvement which the board on
the behalf of the district is under any obligation to do, and shall operate, maintain,
equip, and improve the facilities, and fix, charge, collect, enforce, and receive the
service charges and all revenues thereafter arising subject to any pledge thereof or
contract with the holders of such securities relating thereto and perform the public
duties and carry out the contracts and obligations of the district in the same
manner as the board itself might do and under the direction of the court.

Legislative History

Source: L. 69: p. 780, � 99. C.R.S. 1963: � 89-21-99.