(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 at least 25 percent of the district's outstanding revenue bonds, appoint a receiver for the district.(b) The receiver may collect and receive all district revenue, other than taxes, employ and discharge district agents and employees, and take charge of money on hand, other than money received from taxes, unless commingled, and/or hindrance by the board.(c) The receiver may be authorized to sell or contract for the sale of water or the collection or treatment 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 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.07, eff. April 1, 2017.