(a) On default or threatened default in the payment of the 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 collect and receive all district income, employ and discharge district agents and employees, take charge of money on hand, and manage the proprietary affairs of the district without consent or hindrance by the board.(c) The receiver may be authorized to sell or contract for the sale of water or the collection, processing, or disposal of waste or to renew 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. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.06, eff. April 1, 2009.