Texas § 1505.213 APPOINTMENT OF RECEIVER.

Texas Statutes

§ 1505.213 — APPOINTMENT OF RECEIVER.

Texas § 1505.213

Code GVGovernment Code

This text of Texas § 1505.213 (APPOINTMENT OF RECEIVER.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Government Code Code Ann. § 1505.213 (2026).

Text

Sec. 1505.213. APPOINTMENT OF RECEIVER.

(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 ren

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Sec. 1505.213. APPOINTMENT OF RECEIVER. (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.