§ 37-7-207 — Appointment of receiver in case of default upon bonds

If there be any default in the payment of the principal of or
interest upon any of said bonds, any court having jurisdiction
in any proper action may appoint a receiver to administer and
operate the system so encumbered on behalf of the borrower with
power to fix and charge rates and collect revenues sufficient to
provide for the payment of any bonds or other obligations
outstanding against said system and for the payment of the
expenses of operating and maintaining the same and to apply the
income and revenues of said system in conformity with this act
and the order providing for the issuance of such bonds.